Teva Settles With San Francisco But New York Could Be Set To Prize Open Old Wounds
Shadow Of The Opioid Crisis Looms Large Over Israeli Generics Firm
Teva has settled the final outstanding advanced US state-level opioid-related case against the firm, but recent allegations from the New York attorney general could see the firm back in court sooner rather than later.
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Teva to pay $4.25bn over 13 years under agreement in principle with 12 state attorneys general, Native American tribes and plaintiffs’ lawyers. Previous settlement offer provided mostly medication. Deal is contingent on governments signing on and Allergan inking settlement.
The Israeli firm announced a US-wide settlement for opioid crisis litigation that has been hanging over it for years, as forex took its toll on its second-quarter revenues.
Teva is to put more than $3bn in cash on the table over the next 13 years to resolve longstanding opioid-related claims against the company in the US.