The opioid epidemic has dominated the 24-hour news cycle for the past four years. Drug overdose deaths have surpassed car accidents pursuant to accidental deaths. Johnson & Johnson (JNJ), Cardinal Health (CAH), AmerisourceBergern (ABC) and McKesson (MCK) struck a $26 billion opioid deal this past summer. Apparently, enough states and municipalities have agreed to the settlement to make it official. However, attorneys general from about seven states – Alabama, Georgia, New Mexico, Oklahoma, West Virginia, Washington and Nevada – refused to sign the deal because they thought their share of the settlement was not enough to cover their states’ cost of the epidemic.
Washington Attorney General Bob Ferguson is currently suing opioid distributors for $38 billion. Ferguson is tweaking so hard that Lamar (Starz BMF) is taking pictures. Courts in California and Oklahoma ruled that opioid manufacturers were not liable for the opioid crisis. Alabama AG Steve Marshall settled on a Sunday in the middle of the night, barely beating the California ruling that came down the following Monday:
Alabama was expected to go to trial Monday of this week. However, Alabama AG Steve Marshall signed an emergency opioid settlement with Endo (ENDP) Sunday night. Marshall is also negotiating feverishly with McKesson (MCK). I explain why Alabama was in such a rush to settle.
Courts and judges have turned against value-destroying opioid litigation. The public could be next. It is time for President Biden to cease fake opioid litigation. Read more:
