Connect with us

Hi, what are you looking for?

Stock

N.Y. jury urged to hold drugmakers liable for U.S. opioid crisis

Stock Markets30 minutes ago (Jun 29, 2021 05:41PM ET)

2/2
(C) Reuters. FILE PHOTO: Tablets of the opioid-based Hydrocodone at a pharmacy in Portsmouth, Ohio, June 21, 2017. REUTERS/Bryan Woolston

2/2

By Brendan Pierson

NEW YORK (Reuters) -Teva Pharmaceutical Industries, Endo International (NASDAQ:ENDP) and Abbvie Inc’s Allergan (NYSE:AGN) misleadingly marketed opioid drugs as having a low addiction risk, a lawyer for a New York county told jurors on Tuesday, urging them to hold the companies liable.

Jayne Conroy, representing Suffolk County, also said that the drugmakers and the nation’s largest drug distributors – AmerisourceBergen (NYSE:ABC) Corp, Cardinal Health Inc (NYSE:CAH) and McKesson Corp (NYSE:MCK) – failed to report suspicious opioid orders as required.

The U.S. Centers for Disease Control and Prevention has said nearly 500,000 people died from opioid overdoses in the United States from 1999 to 2019.

“Profits soared, and our communities were devastated,” Conroy said.

“Manufacturers and distributors control the valve to stop the flood of opioids,” she added. “They have their hands on this.”

The defendants, whose lawyers are expected to deliver opening statements beginning on Wednesday, have denied any wrongdoing.

Suffolk is suing the companies alongside neighboring Nassau County and New York Attorney General Letitia James. The trial in Central Islip, New York, marks the first time governments’ claims over the nationwide opioid crisis have gone before a jury.

Hunter Shkolnik, representing Nassau County, and John Oleske, representing the state, used their opening statements to give the jury a preview of their case, expected to include expert witnesses and internal communications from the companies.

Johnson & Johnson (NYSE:JNJ), which had been a defendant, announced on Saturday it would pay $263 million to settle and avoid the trial. The healthcare company said the amount represented what it would pay New York under a $26 billion nationwide opioid settlement it proposed last year along with the three distributors that has not been finalized.

New York and the counties claim that drug companies deceptively promoted opioids as safe, and that distributors ignored red flags that massive amounts of the painkillers were being diverted to illegal channels.

More than 3,000 lawsuits have been filed in the United States against drugmakers, distributors and pharmacies over the opioid epidemic, mostly by city, county and tribal governments.

Non-jury trials are already underway in cases brought against the four drugmakers by several counties in California, and against the three distributors by a city and county in West Virginia.

The New York counties had also sued pharmacy operators Walmart (NYSE:WMT) Inc, Rite Aid (NYSE:RAD) Corp, CVS Health Corp (NYSE:CVS) and Walgreens Boots Alliance (NASDAQ:WBA) Inc, but they were dropped from the trial. CVS said it had settled, without disclosing terms, while Walmart and Rite Aid declined to comment. Walgreens could not be reached for comment.

N.Y. jury urged to hold drugmakers liable for U.S. opioid crisis

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Stock

Stock Markets25 minutes ago (Jul 16, 2021 05:46PM ET) (C) Reuters. FILE PHOTO: Johnson & Johnson’s Neutrogena Cool Dry Sport sunscreen, which is part...

Tech

Builders, creators and developers, this one’s for you! TechCrunch has always been about discovering fresh solutions and shining the light on exciting, new products...

Disclaimer: Wisegazette.com it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial or health advice. Copyright © 2021 Wise Gazette. All Rights Reserved