NY Attorney General secures $523 million settlement from opioid manufacturer Teva

New York Attorney General Letitia James last Friday marked a major milestone in her fight against the opioid crisis in New York state, when she announced that her office has secured up to $523 million from the US subsidiary and affiliates of Israeli generics giant Teva Pharmaceutical Industries (NYSE: TEVA) for their role in fueling the opioid crisis.

This is by no means Teva’s largest opioid settlement. That title goes to the deal with counsel for Native American Tribes, and plaintiffs’ lawyers representing the States and subdivisions, on the primary financial terms of a nationwide opioids settlement. Under that accord, Teva agreed to pay up to $4.25 billion (including the already settled cases) plus approximately $100 million for the Tribes, spread over 13 years.

The $523 million settlement is the largest reached with an individual opioid defendant by Attorney General James and raises the total amount secured from opioid manufacturers and distributors to more than $2 billion to combat the opioid crisis. The settlement resolves Attorney General James’ claims against Teva, the final remaining defendant not currently in bankruptcy and concludes the Attorney General’s litigation against opioid manufacturers and distributors.