J&J ordered to pay $572 mln in Oklahoma opioid case
Judge Thad Balkman of Cleveland County District Court in Norman, Oklahoma delivered his decision in a lawsuit alleging that J&J's marketing practices helped fuel the opioid epidemic by flooding the market with painkillers.
J&J shares rose 5% following the decision.
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.
Hunter had been seeking to make J&J pay $17 billion to help the state address the epidemic for the next 30 years through addiction treatment and prevention programs. The trial came after Oklahoma resolved claims against OxyContin maker Purdue Pharma LP in March for $270 million and against Teva Pharmaceutical Industries Ltd in May for $85 million, leaving J&J as the lone defendant.
So, how should investors approach healthcare after a headline like a judge in Oklahoma ruling against Johnson & Johnson in an opioid case? J&J was ordered to pay $572 million to the state of Oklahoma...