Published On: Wed, Jul 21st, 2021

State AGs Unveil Landmark $26 Billion Opioid Settlement

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A group of state attorneys general unveiled on Wednesday a landmark $26 billion settlement with large drug companies for allegedly fueling the deadly nationwide opioid epidemic, but the deal still requires support from thousands of local governments. Under the settlement proposal, the three largest U.S. drug distributors, McKesson Corp, Cardinal Health Inc and AmerisourceBergen Corp, are expected to pay a combined $21 billion, while drugmaker Johnson & Johnson (J&J) would pay $5 billion. “There’s not enough money in the world, frankly, to address the pain and suffering,” said Connecticut Attorney General William Tong, adding that the money will “help where help is needed.” The deal was the second-largest cash settlement ever, trailing only the $246 billion tobacco agreement in 1998. Attorneys general from 15 states were involved in negotiating the deal, as were lead lawyers for local governments. McKesson will pay up to $7.9 billion, while AmerisourceBergen and Cardinal each …

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