- Reuters reported Johnson&Johnson JNJ would pay $40.5 million to settle New Hampshire’s 2018 claims over the US opioid epidemic and avert a trial scheduled to begin next week.
- New Hampshire accused JNJ and its unit Janssen Pharmaceuticals of aggressively marketing opioids to doctors and patients and misrepresenting their addictive properties.
- “This resolution represents a positive step forward to ensure these devastating business practices do not happen again,” Gov. Chris Sununu said in a statement.
- New Hampshire will spend $31.5 million on the opioid fight after legal fees are paid, and Johnson & Johnson will be banned from selling or advertising opioids there.
- In a statement, J&J admitted no wrongdoing and called its marketing and advertising of prescription opioids “appropriate and responsible.”
- New Hampshire was one of the few states not to join Johnson & Johnson’s stake in a $26 billion statewide opioid deal in February in hopes of winning back more through lawsuits of its own.
- J&J expects to be reimbursed $1.5 million from this settlement since New Hampshire did not participate.
- Price promotion: JNJ shares are up 0.38% to $165.97 on the latest check Friday.
- Photo by Arek Socha from Pixabay
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read full story here https://www.benzinga.com/general/biotech/22/09/28734021/johnson-johnson-to-settle-new-hampshire-opioid-lawsuit-with-payment-of-40-5m-report
