New York Attorney General Letitia James has announced that her office has secured up to $523 million from Teva Pharmaceuticals, Ltd., its American subsidiary Teva Pharmaceuticals USA, and its affiliates (Teva) for their role in fueling the opioid crisis.
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.
“In a landmark agreement, we secured $523 million from Teva Pharmaceuticals and Teva USA for their role in fueling the opioid crisis,” James announced via her Facebook page.
She added, “We have now delivered more than $2 billion to New Yorkers from the companies responsible for the opioid crisis.
“This is a monumental milestone in our fight to turn the tide on the opioid epidemic.”
Jamed asserted that more than $2 billion will go into local communities for treatment and prevention programs.
“These funds are going to help save lives and prevent future devastation,” she stated.
“In 2019, I promised to hold these companies accountable for the destruction they caused in New York and across the nation. Today, we’ve done just that,” the AG concluded.
The funds secured by Attorney General James will be paid out over a period of 18 years.