tiprankstipranks
The Fly

J&J to pay $149.5M to Washington state over role in opioid epidemic

J&J to pay $149.5M to Washington state over role in opioid epidemic

To avoid trial in Washington Attorney General Bob Ferguson’s lawsuit, opioid manufacturer and raw material supplier Johnson & Johnson will pay $149.5M to Washington state over its role fueling the opioid epidemic. Today’s resolution, filed in King County Superior Court, provides Washington and its local governments with tens of millions of dollars more to combat the fentanyl epidemic compared to the settlement that Ferguson rejected in 2021. Washington is one of three states receiving more than they would have under the 2021 multistate settlement. Today’s $149.5M resolution will be paid in one lump sum this fiscal year. The settlement requires that $123.3M be used to combat the opioid epidemic, including the fentanyl crisis that is devastating Washington communities. Ferguson is directing 50% of these resources to local governments across the state to combat the epidemic in their communities. In contrast, the rejected settlement promised $98.9M for Washington and its local governments to address the epidemic, which would have been paid out over a nine year term. The Washington Attorney General’s Office has recovered more than $1.2B for Washington to address the fentanyl and opioid crisis.

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

See the top stocks recommended by analysts >>

Read More on JNJ:

Questions or Comments about the article? Write to editor@tipranks.com