J&J shares up after judge finds the company liable in Oklahoma opioid epidemic, Purdue wants to settle - NBC

Record ID: 1428797

  • Title: J&J shares up after judge finds the company liable in Oklahoma opioid epidemic, Purdue wants to settle - NBC
  • Date: 27th August 2019
  • Summary: NEW YORK, NEW YORK, UNITED STATES (AUGUST 27, 2019) (REUTERS) (SOUNDBITE) (English) COLUMBIA LAW SCHOOL PROFESSOR, JOHN COFFEE, SAYING: "Well, I think it's going to have a very large impact. It's going to pressure the industry to negotiate much more seriously towards a very broad and possibly global settlement. That's what's going on in Ohio. The industry thought they might win this case, and they were hoping they could negotiate against a victory in the Oklahoma case, but they've lost it, even though it was not the strongest case for plaintiffs at all. And I think that means you had better realize, you're going to pay a lot more than you were thinking about paying last week."
  • Embargoed: 10th September 2019 20:34
  • Keywords: Oklahoma opioid epidemic trial Johnson & Johnson attorney general drugmakers judge Purdue Pharma OxyContin lawsuits
  • Location: NORMAN, OKLAHOMA, + NEW YORK, NEW YORK, + PROVO, UTAH, + NEW BRUNSWICK, NEW JERSEY, UNITED STATES
  • City: NORMAN, OKLAHOMA, + NEW YORK, NEW YORK, + PROVO, UTAH, + NEW BRUNSWICK, NEW JERSEY, UNITED STATES
  • Country: USA
  • Topics: Company News Markets,Economic Events
  • Reuters ID: LVA004ATZVNNX
  • Aspect Ratio: 16:9
  • Story Text: Shares of Johnson & Johnson rose on Tuesday (August 27), a day after an Oklahoma judge ordered the company to pay $572.1 million to the state for its part in fueling an opioid epidemic by deceptively marketing addictive painkillers.
    The sum was substantially less than investors had expected and drove up J&J's shares.
    The state's attorney general had filed the lawsuit, seeking $17 billion to address the impact of the drug crisis on Oklahoma. It had been considered a bellwether for other litigation nationwide over the opioid epidemic.
    J&J said it would appeal the decision.
    Separately, NBC News reported that OxyContin maker, Purdue Pharma, and its owners, the Sackler family, offered to settle more than 2,000 lawsuits against the company for $10 billion to $12 billion.
    (Production: Aleksandra Michalska, Hussein Waaile)
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2019. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
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