New Brunswick-based Johnson & Johnson and the nation’s three largest drug dealers have agreed to complete a settlement on thousands of opioid lawsuits. The $ 26 billion deal addresses lawsuits from state and local governments that have claimed companies have played a role in fueling the opioid epidemic. Johnson & Johnson, which no longer sells prescription opioids, will pay $ 5 billion. The rest will be paid by drug distributors – AmerisourceBergen, Cardinal Health and McKesson. The money from the settlement will go to the communities to help them fight the epidemic.
Meanwhile, reports say the bankruptcy judge will allow Johnson & Johnson’s subsidiary to remain bankrupt, preventing the plaintiffs from filing 38,000 lawsuits against the company alleging that Johnson & Johnson baby powders cause cancer. The company has declared a division – LTL Management – bankrupt to settle these claims rather than sue them individually. The plaintiffs argued that this was an abuse of the bankruptcy system. Johnson & Johnson claims that its products are not related to cancer.
The response of the Biden administration was overwhelming auction of rights to develop marine windmills off the coast of New Jersey and New York. The federal government is offering six leases at the largest offshore wind auction in the United States. The auction began on Wednesday, and by Thursday the developers had offered more than $ 3 billion. On Friday morning, the auction resumed.
There is an optimistic report on the New Jersey economy from Choose New Jersey, a nonprofit economic development organization. In its annual report, Choose New Jersey said it helped 32 companies relocate or expand in the state last year.