A group of pharmaceutical companies and distributors agreed to pay US$590 million to settle lawsuits connected to opioid addiction among Native American tribe members, according to a US court filing released on Tuesday.
The agreement is the latest amid a deluge of litigation spawned by the US opioid crisis, which has claimed more than 500,000 lives over the past 20 years and ensnared some of the largest firms in the world of US medicine.
Pharmaceutical firms McKesson Corp, AmerisourceBergen Drug Co and Cardinal Health Inc had already struck a separate deal with the Cherokee tribe in September last year for US$75 million.
According to documents filed in an Ohio federal court on Tuesday by a committee of plaintiffs, the companies agreed to pay another US$440 million over seven years to other Native American tribes. The pharmaceutical group Johnson & Johnson, for its part, agreed to pay US$150 million over two years to all the tribes, of which US$18 million are destined for the Cherokee.
Native Americans have “suffered some of the worst consequences of the opioid epidemic of any population in the United States,” including the highest per capita rate of opioid overdoses compared with other racial groups, according to the filing from the Plaintiffs’ Tribal Leadership Committee.
“The burden of paying these increased costs has diverted scarce funds from other needs and has imposed severe financial burdens on the tribal plaintiffs,” it said.
Johnson & Johnson, McKesson and the other two companies in the accord — AmerisourceBergen and Cardinal Health — previously agreed to a US$26 billion global settlement on opioid cases.
J&J said on Tuesday the US$150 million it agreed to pay in the Native American case has been deducted from what it owes in the global settlement.
“This settlement is not an admission of any liability or wrongdoing and the company will continue to defend against any litigation that the final agreement does not resolve,” the company said.
It was unclear if the other companies would take their portion under the latest agreement from the global settlement.
Robins Kaplan, a law firm negotiating on the behalf of the plaintiffs, said the agreement must still be approved by the Native American tribes.
“This initial settlement for tribes in the national opioid litigation is a crucial first step in delivering some measure of justice to the tribes and reservation communities across the United States that have been ground zero for the opioid epidemic,” Tara Sutton, an attorney at the firm, said in a statement.
Douglas Yankton, chairman of the North Dakota-based Spirit Lake Nation, said the money from the settlement would “help fund crucial, on-reservation, culturally appropriate opioid treatment services.”
Steven Skikos, an attorney representing the tribes, said the group is pursuing claims against other drugmakers.
“This is hopefully the first two of many other settlements,” he said.
Every tribe recognized by the US government, 574 in all, will be able to participate in the agreement, even if they have not filed lawsuits.
Many of the lawsuits regarding the opioid crisis have centered on Purdue Pharma, the manufacturer of OxyContin, a highly addictive prescription painkiller blamed for causing a spike in addiction.
A judge in December overturned the company’s bankruptcy plan because it provided some immunity for the owners of the company in exchange for a US$4.5 billion payout to victims of the opioid crisis.
The litigation wave has also swamped pharmacies owned by Walmart Inc, Walgreens Boots Alliance Inc and CVS Health Corp, which a jury found in November bear responsibility for the opioid crisis in two counties in Ohio.
The US dollar was trading at NT$29.7 at 10am today on the Taipei Foreign Exchange, as the New Taiwan dollar gained NT$1.364 from the previous close last week. The NT dollar continued to rise today, after surging 3.07 percent on Friday. After opening at NT$30.91, the NT dollar gained more than NT$1 in just 15 minutes, briefly passing the NT$30 mark. Before the US Department of the Treasury's semi-annual currency report came out, expectations that the NT dollar would keep rising were already building. The NT dollar on Friday closed at NT$31.064, up by NT$0.953 — a 3.07 percent single-day gain. Today,
‘SHORT TERM’: The local currency would likely remain strong in the near term, driven by anticipated US trade pressure, capital inflows and expectations of a US Fed rate cut The US dollar is expected to fall below NT$30 in the near term, as traders anticipate increased pressure from Washington for Taiwan to allow the New Taiwan dollar to appreciate, Cathay United Bank (國泰世華銀行) chief economist Lin Chi-chao (林啟超) said. Following a sharp drop in the greenback against the NT dollar on Friday, Lin told the Central News Agency that the local currency is likely to remain strong in the short term, driven in part by market psychology surrounding anticipated US policy pressure. On Friday, the US dollar fell NT$0.953, or 3.07 percent, closing at NT$31.064 — its lowest level since Jan.
The New Taiwan dollar and Taiwanese stocks surged on signs that trade tensions between the world’s top two economies might start easing and as US tech earnings boosted the outlook of the nation’s semiconductor exports. The NT dollar strengthened as much as 3.8 percent versus the US dollar to 30.815, the biggest intraday gain since January 2011, closing at NT$31.064. The benchmark TAIEX jumped 2.73 percent to outperform the region’s equity gauges. Outlook for global trade improved after China said it is assessing possible trade talks with the US, providing a boost for the nation’s currency and shares. As the NT dollar
The Financial Supervisory Commission (FSC) yesterday met with some of the nation’s largest insurance companies as a skyrocketing New Taiwan dollar piles pressure on their hundreds of billions of dollars in US bond investments. The commission has asked some life insurance firms, among the biggest Asian holders of US debt, to discuss how the rapidly strengthening NT dollar has impacted their operations, people familiar with the matter said. The meeting took place as the NT dollar jumped as much as 5 percent yesterday, its biggest intraday gain in more than three decades. The local currency surged as exporters rushed to