Teva Fails To Stay San Francisco Opioids Case Following Orange County Win
‘Open Questions About Extent To Which The OC Judgement Would Have Preclusive Effect’
Fresh from inking a settlement agreement in Texas, Teva has seen a motion to stay opioids claims in San Francisco denied. A court in Northern California was not persuaded that a judgment in another part of the state would preclude claims.
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After adding more than $1bn to its legal settlement contingency in Q1, Teva has given its clearest indication yet for when it expects to announce a nationwide deal in the US to settle opioid-related claims. The Israeli firm is facing two bench trials in the coming weeks and months but is optimistic on that front also.
Teva has settled with the state of Rhode Island on opioid-related claims and is set to pay the state $21m in cash and provide $78.5m worth of Narcan and Suboxone. The settlement was reached just as Rhode Island was preparing to take Teva to trial.
Teva CEO Kåre Schultz has spoken at great length of the firm’s current standing with opioid-related matters, days after it reached a deal valued at $225m to resolve claims in the state of Texas. A nationwide deal is still top of the Israeli firm’s agenda, with a rough estimate of $3bn-$4bn suggested.