Amerisourcebergen Corp ABC:NYSE

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Market Chatter: US States Demand $26.4 Billion in Settlement From Pharma Companies in Opioid Lawsuit

3:41PM ET 8/18/2020 MT Newswires
US states are seeking $26.4 billion from pharmaceutical companies including McKesson (MCK), AmerisourceBergen (ABC), Cardinal Health (CAH) and Johnson & Johnson (JNJ) to settle the ongoing opioid lawsuits, The Wall Street Journal reported Tuesday, citing people familiar with the matter.

According to one of the people, a group of "around a dozen attorneys general" had said on a Monday conference call that they wanted $21.1 billion combined from McKesson, AmerisourceBergen and Cardinal Health and $5.28 billion from Johnson & Johnson, the Journal said.

The litigation, filed by more than 3,000 state and local governments and Native American tribes, accuse the drugmakers of allegedly failing to halt suspicious orders that were put to improper use, resulting in widespread addiction to the drug.

Cardinal Health and AmerisourceBergen were each down 1% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 155.83, Change: +0.04, Percent Change: +0.03