TIWN
Washington, Aug 27 (TIWN) A US court has ruled that American pharma major Johnson & Johnson (J&J) must pay over $572 million for its role in the opioid crisis in Oklahoma that, according to the state, has resulted in more than 6,000 deaths over the past two decades.
The damages awarded by Judge Thad Balkman of Cleveland County District Court in Norman, Oklahoma, following a seven-week, non-jury trial came in what had been a $17 billion lawsuit alleging that J&J's marketing practices helped fuel the opioid epidemic by flooding the market with painkillers. J&J said it would appeal the verdict. J&J shares rose 5% in extended trading following the decision.
Shares of other drugmakers, including Teva Pharmaceutical Industries Ltd and Endo International Plc also rose after-hours. The case brought by Oklahoma Attorney General Mike Hunter was the first to go to trial out of thousands of lawsuits filed by state and local governments against opioid manufacturers and distributors.
- IMF expects India to rev up global growth as China falters, backs Modi government's economic policies
- realme set to shake up market: Launching fastest entry-level 5G smartphone 'C65' under Rs 10k
- India's industrial production accelerates to 5.7pc in Feb
- India records 17 pc jump to become 4th largest exporter of digital services: WTO report
- 300 pc rise in market cap to Rs 400 lakh crore in last 10 years driven by strong economic fundamentals