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J&J agrees to settlement with two Ohio counties ahead of opioid trial

  • Johnson & Johnson (NYSE:JNJ) says it will pay a $20.4M settlement with Cuyahoga and Summit counties in Ohio that accused it of contributing to the U.S. opioid addiction epidemic.
  • JNJ says the deal resolves all of the counties' claims with no admission of liability and removes the company from a federal trial scheduled to begin Oct. 21.
  • Yesterday, Mallinckrodt (NYSE:MNK) announced a $24M settlement with the same two counties, and Endo International (NASDAQ:ENDP) and Allergan (NYSE:AGN) had settled with the counties in August to avoid going to trial.
  • Remaining defendants in the Oct. 21 trial include McKesson (NYSE:MCK), AmerisourceBergen (NYSE:ABC), Cardinal Health (NYSE:CAH), Teva Pharmaceutical (NYSE:TEVA), Walgreens Boots Alliance (NASDAQ:WBA) and Henry Schein (NASDAQ:HSIC).
  • JNJ and most of the other companies still face thousands of lawsuits related to the opioid epidemic.

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