US Drug distributors propose $10 billion to settle state opioid lawsuits

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US Drug distributors propose $10 billion to settle state opioid lawsuits

On Tuesday, the 6th of August 2019, three top US drug distributors such as AmerisourceBergen Corp., McKesson Corp. alongside Cardinal Health Inc., offered $10 billion to settle lawsuits and claims that they had been playing a major part in US opioid epidemic, a Bloomberg report published on Tuesday (August 6th) had revealed, citing at least three people familiar with the negotiations.

In point of fact, states, cities and victims had filed hundreds of lawsuits across the United States accusing the drugmakers of deceptive marketing of their opioid containing painkillers, a mass-scale abuse and overdoses of which were leading to more than 50,000 deaths in United States every year.

Besides, followed by Tuesday’s (August 6th) $10 billion settlement offers of the drug distributors, AmerisourceBergen, McKesson alongside Cardinal health, all had shrugged off more than 5 percent of their market cap in a single session.

However, according to Tuesday’s (August 6th) Bloomberg report, the drug distributors were countered with a demand of $45 billion by the National Association of Attorney Generals, representing more than 35 states. Meanwhile, submissively denying Tuesday’s (August 6th) Bloomberg report, one of top three drug distributors, McKesson said in a statement on later part of the day, “We regularly engage with the state attorneys general, but the company has made no settlement offers,” while spokesmen for Cardinal Health and AmerisourceBergen neither declined nor acknowledged the authenticity of Tuesday’s (August 6th) Bloomberg report.