Oklahoma judge OKs Teva's $85M opioid settlement
Jun. 24, 2019 3:35 PM ETTeva Pharmaceutical Industries Limited (TEVA)TEVABy: Douglas W. House, SA News Editor34 Comments
- An Oklahoma district court judge has approved the $85M settlement from Teva Pharmaceutical Industries (TEVA -2.2%) to resolve claims by the state attorney general's office over its role in the opioid crisis there.
- The money, to be deposited in the Opioid Lawsuit Settlement Fund, will fund treatment and education programs.
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Comments (34)
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gflander
25 Jun. 2019
So, is there a good chance that we will look back on the frivolous nature of these lawsuits in 12 months and consider it another “stuck on stupid” moment or era?? TEVA Legal team needs to not settle anymore - wait for the stupidity of the temporary storm to stop?
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Tyler Durden 42
26 Jun. 2019
@gflander Yes. If anyone needs to be sued it is the doctors that over prescribe.
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Dr Hey hey he
26 Jun. 2019
there is no over prescribe. patients say they have chronic pain and they get meds. there is absolutely no way to prove if they have pain or not. you give them meds and they take some and sell the rest.
Bright spot
27 Jun. 2019
There are DR. that over subscribe, and over sell. Just because someone says they're in pain, doesn't mean you give them an opioid. You try Tylenol, if that doesn't cut it, Codeine with Tylenol. Even if the Opioids are the most effective, they shouldn't be the first thing served by practice. Even a shot of Demerol can be what is needed. Maybe there should be more in house when an Opioids are required, Hospital stays?
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jagheer
25 Jun. 2019
Are you kidding it was the JACHO who mandated we (Drs) treat pain -now they are getting paid for their illegal practice of medicine
gflander
25 Jun. 2019
Civil versus criminal
gflander
25 Jun. 2019
I thought the settlement was without admitting any wrongdoing. But I still don’t understand while they settled. Another recent SA post suggested TEVA Mgt and Legal team misunderstands US law (culver versus criminal, etc.) Considering their market share (per another SA article) why TEVA was in a rush to settle makes no sense. This seems like an undue demonization of the producers when the FDA and Doctors were the true gatekeepers. And, Opiods (and cigarettes and alcohol) are still legal. This seems an illogical and politicized $ grab by lawyers and States/cities. What was TEVA Mgt thinking??
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Dr Hey hey he
25 Jun. 2019
JNJ has big pocket books to fight this in court. TEVA and everybody else will wait and watch how the JNJ lawsuit unfolds and if JNJ wins, TEVA won't have to settle. if JNJ loses, timber....
Adjank
25 Jun. 2019
I dont like them settling this case, why is Teva management not commenting on this?
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cxin
25 Jun. 2019
It's an absurd lawsuit. Teva should at least wait for J&J's trial result before admitting guilty and offering any settlement. Other 49 States will demand payments from Teva too since Teva has admitted Guilty by offering money.
dlvvlv
24 Jun. 2019
OK done......who is next?
stantry
24 Jun. 2019
other companies caught up in the opioid lawsuit doesn't seem to be affected. J & J has recovered well from the initial hit. unfortunately being a foreign company maybe working against TEVA. I still think this will recover back to $15 by year end. Everyday is a rollercoaster for those who are heavily invested. Some good news is required to change sentiment. Maybe a Q2 beat will help start shake things up. Is there any FDA approval awaited on new TEVA drug?
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INVESTORJIM
24 Jun. 2019
Just the same as suing the gun makers for crimes with guns. I can't see why it's the manufactures responsibility for this mess. After all they only made a product that people wanted.
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jeffrodisales
24 Jun. 2019
Teva will go bankrupt but will emerge with new owners such as Buffet & friends. Teva as it exists is uninvestable.
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JeffUofH2006
24 Jun. 2019
That’s it, they need to add a B to that figure
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Reprehensible
24 Jun. 2019
15% goes to Okla state hired outside lawyers. 9 Okla cities so far are also suing TEVA yet. Okla pop./USA pop. expands $85 mil. settlement to just over $7 Billion. Then add Billions more for all the cities and counties many of which are more populous than Okla.(gosh. I thought they were part of their states. I guess that's only geographically.)
gflander
24 Jun. 2019
Can anyone clarify: Is that an Oklahoma Opioid Lawsuit Settlement Fund, or National Opioid Lawsuit Settlement Fund, like some one asked before? I thought Oklahoma was trying to get the $ for their general state coffers?
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FL SHRHLDR
24 Jun. 2019
oh yes the money will go to help the addicts and not wasted on cars assistants rent etc
Bright spot
24 Jun. 2019
Theft by law. This is an outrage. This all should fall on the end users, and the doctors that prescribed them if they over did it.
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kingRIG2.0
25 Jun. 2019
How much of this expected multi billion dollars in settlements
Actually be recovered from insurance?
Actually be recovered from insurance?
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Dave rader
24 Jun. 2019
@thegreatant. I hope your right my friend. I could sure use that kind of return after getting in on this blood bath.
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MWinMD
24 Jun. 2019
TEVA reaches settlement with OK; stock goes downJudge puts settlement on hold: stock goes downJudge okays settlement again: stock goes downBut it's a rational market, really it is!
TEVA is still in voting machine mode for now...
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brk-b
25 Jun. 2019
It's not only rational, but efficient.
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AlphaDanmark
24 Jun. 2019
IIRC the stock fell quite some % on the back of the judge having rejected the settlement, so it should correct itself some % then, no?