Post a Free Blog

Submit A Press Release

Friday, March 29, 2024
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Filter by Categories
Action
Animation
ATP Tour (ATP)
Auto Racing
Baseball
Basketball
Boxing
Breaking News
Business
Business
Business Newsletter
Call of Duty (CALLOFDUTY)
Canadian Football League (CFL)
Car
Celebrity
Champions Tour (CHAMP)
Comedy
CONCACAF
Counter Strike Global Offensive (CSGO)
Crime
Defense of the Ancients (DOTA)
Documentary and Foreign
Drama
eSports
European Tour (EPGA)
Fashion
FIFA
FIFA Women’s World Cup (WWC)
FIFA World Cup (FIFA)
Fighting
Football
Formula 1 (F1)
Fortnite
Golf
Health
Hockey
Horror
IndyCar Series (INDY)
International Friendly (FRIENDLY)
Kids & Family
League of Legends (LOL)
LPGA
Madden
Major League Baseball (MLB)
Mixed Martial Arts (MMA)
MLS
Movie and Music
Movie Trailers
Mystery
NASCAR Cup Series (NAS)
National Basketball Association (NBA)
National Football League (NFL)
National Hockey League (NHL)
National Women's Soccer (NWSL)
NBA Development League (NBAGL)
NBA2K
NCAA Baseball (NCAABBL)
NCAA Basketball (NCAAB)
NCAA Football (NCAAF)
NCAA Hockey (NCAAH)
Olympic Mens (OLYHKYM)
Other
Other Sports
Overwatch
PGA
Politics
Premier League (PREM)
Romance
Sci-Fi
Science
Soccer
Sports
Sports
Technology
Tennis
Truck Series (TRUCK)
Ultimate Fighting Championship (UFC)
Uncategorized
US
Valorant
Women’s National Basketball Association (WNBA)
Women’s NCAA Basketball (WNCAAB)
World
World Cup Qualifier (WORLDCUP)
WTA Tour (WTA)
Xfinity (XFT)
XFL
-- Advertisement --spot_img
HomeBusinessNY State Reaches $230 million Settlement with Johnson & Johnson: Company agrees...

NY State Reaches $230 million Settlement with Johnson & Johnson: Company agrees to stop selling opioids across nation

 

 

On Saturday, New York Attorney General Letitia James announced that the state has reached a settlement with big Pharma Johnson & Johnson who would atop selling opioids nationwide as well pay a $230 million settlement. The settlement includes resolution of opioid related claims. The payments would be allocated over a period of nine years. The press release also stated that the company would pay an additional 30 million if the executive chamber signed into law new legislation that would create an opioid settlement fund.

 

The opioid crisis has reportedly killed almost 500,000 people. Major pharmaceutical companies have been sued for overprescribing these drugs although they knew that they were addictive. However, the pharmaceutical manufacturers have said that they have distributed these opioids for medical issues.

 

James also said that the opioid epidemic had created havoc on countless communities across the state of New York as well as across the nation. She said that millions were still addicted to these deadly and dangerous drugs.

 

She said that although Johnson & Johnson had helped to fuel the fire of opioid use, on Saturday they had committed to leaving the opioid business not only in the state but across the nation.

 

According to the press release the lawsuits against the rest of the defendants was scheduled to begin later in the week.

 

Johnson & Johnson faces lawsuits on its opioids in other parts of the country. The pharmaceutical company had developed a unique strain of strain of poppy called the “Norman Poppy” which was high in raw narcotic materials and processed it through its subsidiary. It was used to manufacture opioid drugs for its pharmaceutical division and was also sold as a raw material to other opioid manufacturers.

 

The company also overstated these drugs’ effectiveness through aggressive marketing and claimed that it had low addiction risk.

 

However, in 2016 the Centers for Disease Control and Prevention (CDC) showed that there was no study to show opioids were effective to treat long term pain. It also said that there was “extensive evidence” that persons who used opioids for more than three months had a higher risk of opioid use disorder. The CDC also said that there were safer drugs for pain management including acetaminophen (Tylenol) and ibuprofen (Advil).

 

Last year, Johnson and Johnson along with its distributors, made a public announcement that they had set aside $26 billion in a period of 18 years to settle all cases they faced. Big pharma has recently realized that it is practical to settle cases instead of repeatedly losing in court and thereby paying extra money in the long run.

 

Click Here For Full Stock Research on Johnson and Johnson by CWEB.com

 

Source    

 

Subscribe to get Latest News Updates

Latest News Articles

You may like more
more

Semtech Shares Jump 3 percent Following Q4 Results

Semtech (NASDAQ:SMTC) experienced a more than 3% increase in...

Target Stock Added to Fresh Money List at Deutsche Bank

Deutsche Bank analysts placed Target (NYSE:TGT) on the Fresh...

AMC Shares Plunge 14 percent on a New Equity Distribution Deal

AMC Entertainment Holdings (NYSE:AMC) saw its shares drop over...

Palantir Technologies Stock Drops 6 percent on Monness, Crespi, Hardt Downgrade

Palantir Technologies (NYSE:PLTR) stock plunged more than 6% on...