Teva to pay New York State $523M over alleged role in opioid crisis
Today marked a monumental milestone in Attorney General Letitia James' fight against the opioid crisis in New York state, as she announced that her office has secured up to $523 million from Teva over its alleged role in fueling the opioid crisis.
The $523 million settlement is the largest reached with an individual opioid defendant by James and raises the total amount secured from opioid manufacturers and distributors to more than $2 billion to combat the opioid crisis. The settlement resolves James’ claims against Teva, the final remaining defendant not currently in bankruptcy and concludes the attorney general’s litigation against opioid manufacturers and distributors.
“Teva knowingly and intentionally misled New Yorkers and the American people about the deadly dangers of opioids, and last year, a jury found them responsible for the devastation and destruction they have caused,” said James. “You cannot put a price on lives lost, addiction suffered, and families torn apart, but with the more than $2 billion we have now delivered to New Yorkers, we can continue to rebuild and recover. I made a promise to put an end to the havoc wreaked by opioid manufacturers in New York and across the nation and to hold them accountable for the consequences. This is a landmark day in our battle against the opioid crisis, and I am proud to be able to deliver critical funding and resources to the communities Teva and other companies ravaged with their rampant misconduct.”
[Read more: FDA approves Teva's generic Narcan nasal spray]
James secured $523 million for New York state from two separate settlement agreements with Teva. Teva will pay up to $4.247 billion nationwide to settle opioid claims as part of the Teva Global Settlement. New York’s share of that amount is $210,548,226.20. After achieving a historic liability verdict following a seven-month jury trial against Teva in 2021, today’s Teva New York Agreement resolves the remedies phase for a total of $313,343,793.95. Combined, New York will receive $523,892,020.15 from Teva.
The settlement would additionally resolve lawsuits against Teva by Nassau and Suffolk counties if the county legislatures approve it. In the meantime, James plans to make a motion removing Teva from her opioid litigation, concluding New York’s opioid trial.
[Read more: Teva debuts generic Narcan]
The funds secured by Attorney General James will be paid out over a period of 18 years.