$450 million nationwide settlement reached in bankruptcy of opioid maker Endo


RICHMOND, Va. (WDBJ / Attorney General’s Office News Release) – Virginia Attorney General Jason Miyares and other state attorneys general have reached a tentative settlement with the opioid manufacturer Endo International PLC and its lenders that would provide up to $450 million to participating states and local governments, ban promotion of Endo’s opioids, and force Endo to turn over millions of documents related to its role in the opioid crisis for publication in a online public archive, according to the attorney general’s office. The Commonwealth of Virginia should receive at least $9 million.

Tentative settlement with Endo, which filed for Chapter 11 bankruptcy Tuesday night in the Southern District of New York, resolves allegations that Endo boosted opioid sales using deceptive marketing that minimized the risk of addiction and exaggerated the benefits, according to Miyares. Endo, an Ireland-based drugmaker with its US headquarters in Pennsylvania, manufactures generic and branded opioids including Percocet and Endocet, and manufactured Opana ER, which was taken off the market in 2017. The states allege Endo falsely promoted the benefits of Opana ER. -called an anti-abuse formulation, which Miyares says did nothing to deter oral abuse and led to deadly epidemics of hepatitis and HIV due to its widespread abuse by injection.

“Virginia has seen the brutal impact of the opioid epidemic in every corner of the Commonwealth. This national agreement will allow for extensive investment and remediation efforts for devastated communities. Although no prizes can be awarded to the thousands of lives lost, this settlement represents a major step in ensuring victims receive the treatment and care they need,” Attorney General Miyares said.

The resolution, which is dependent on final documentation and bankruptcy court approval, involves the following:

· Requires payment of $450 million in cash over 10 years to participating states and subdivisions.

· Demands that Endo turn over its opioid-related documents for publication online in a public records archive and pay $2.75 million for archiving expenses.

· Forever bans the marketing of Endo’s opioids.

The negotiations are led by Virginia, as well as Maine, Massachusetts, New Hampshire, Pennsylvania, Tennessee and Vermont. The settlement is also joined by the attorneys general of Arizona, Colorado, Connecticut, Delaware, District of Columbia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Jersey, North Carolina, North Dakota, Rhode Island, South Carolina, South Dakota, Utah, Washington, Wisconsin, Wyoming and the US Virgin Islands.

Copyright 2022 WDBJ. All rights reserved.


Comments are closed.