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Johnson & Johnson To Settle New Hampshire Opioid Lawsuit With Payment Of $40.5M: Report

  • Reuters reported that Johnson & Johnson (NYSE: JNJwould pay $40.5 million to settle 2018 New Hampshire's claims about the U.S. opioid epidemic, averting a trial scheduled to begin next week.

  • New Hampshire accused JNJ and its unit Janssen Pharmaceuticals of aggressively marketing opioids to doctors and patients, misrepresenting their addictive properties.

  • "This resolution provides a positive step forward in ensuring these devastating business practices are not repeated," Governor Chris Sununu said in a statement.

  • New Hampshire will apply $31.5 million toward opioid abatement after paying legal fees, and Johnson & Johnson will be banned from selling or promoting opioids there.

  • In a statement, J&J did not admit wrongdoing and called its marketing and promotion of prescription opioids "appropriate and responsible."

  • New Hampshire was one of a few states that did not join Johnson & Johnson's portion of a $26 billion nationwide opioid settlement in February, hoping to recover more by suing on its own.

  • J&J expects to be reimbursed $1.5 million from that settlement because New Hampshire did not participate.

  • Price Action: JNJ shares are up 0.38% at $165.97 on the last check Friday.

  • Photo by Arek Socha from Pixabay

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