Thursday, Sept. 9, marked a major breakthrough in the New York State opioid trial as defendant Endo International Pharmaceuticals and its subsidiaries settled with New York State and Suffolk and Nassau Counties for $50 million.
The settlement marks the conclusion of a series of recent events in which state and county representatives, including State Attorney General Letitia James, accused Endo of withholding “damning evidence” regarding its marketing and sales of prescription opioids from the discovery phase of the trial.
Endo had been held in contempt of court in an opioid trial in Tennessee for withholding similar information from the discovery phase. In its settlement with the state and counties, Endo and its subsidiaries, including Par Pharmaceutical, have been severed from the trial.
Suffolk and Nassau Counties will each receive $13.85 million in combined settlements from Endo and its subsidiary Par Pharmaceutical, Inc. A total of $22.3 million is earmarked for the New York State Attorney General’s Office, which will then be distributed in resources across the state to help combat the ongoing opioid crisis.
The settlement with Endo follows recent settlements with McKesson Corporation, Cardinal Health Inc., AmerisourceBergen Drug Corporation, Walmart Inc., Rite Aid Corp, CVS Health Corp and Johnson & Johnson — bringing a total of more than $1 billion in recovered funds for New York State.
Speaking with reporters outside Touro College’s law school auditorium, Simmons Hanly Conroy Shareholder Jayne Conroy, who is lead counsel for Suffolk County and co-lead counsel in the national prescription opioid MDL, said:
“Securing meaningful settlements with Endo and Par is another massive victory for Suffolk County and its residents, who have spent decades dealing with the impact and subsequent fallout of the opioid crisis. This agreement ensures funding will be made available for critical abatement programs in a more expedited fashion. While we are pleased with this result and what it means for the communities in Suffolk County, we are still focused on the remaining defendants in this crucially important trial.”
“This groundbreaking trial continues to deliver results for the people of Nassau County as we continue to hold those responsible for the opioid epidemic accountable,” said Hunter Shkolnik, lead counsel for Nassau County. “This result is a victory for everyone as it ensures resources will be delivered to communities in need without having to deal with the potential for bankruptcy proceedings.”
The New York State trial is expected to continue into October with remaining defendants Allergan Finance (a subsidiary of AbbVie Inc.), Teva Pharmaceutical Industries Ltd. and Anda, Inc.
Week Five Coverage:
- Bloomberg: Endo’s $50 Million N.Y. Opioid Settlement Heads Off Threats
- Wall Street Journal: Endo Settles New York Opioid Lawsuit For $50 Million While Seeking Broader Deal
- Benzinga: Endo Shares Move Higher On Settlement Of New York State Opioid Cases
- Lawyer Monthly: Pharmaceutical Company Endo Settles Opioid Claims by New York
- New York Law Journal: Endo Pharmaceuticals Reaches Settlement in New York Opioid Trial
- Seeking Alpha: Endo settles New York state opioid lawsuits for total payment $50M
- Street Insider: Endo International (ENDP) Settles New York State Opioid Cases and Provides Update on Remaining Opioid Litigation
- Benzinga: The Daily Biotech Pulse: Apellis Sinks On Data, Endo Shines On Opioid Litigation Settlement, T2 Biosystems Soars On Mutant Detection Ability of COVID Test
- Nasdaq: Endo To Pay $50 Mln To Settle Opioid Claims By New York State And Its Counties
- Associated Press: Endo latest company to settle with New York over opioids
- Law360: Endo Strikes $50M Opioid Deal In NY Amid Trial Tumult
- Reuters: Drugmaker Endo settles opioid claims by New York, counties for $50 mln
- The Pharma Letter: Endo latest to settle New York state opioid cases