Top News & Analysis Cleveland

  • District Judge Dan Polster in Cleveland, Ohio, came as distributors McKesson Corp, Cardinal Health Inc, AmerisourceBergen Corp and Israel- based drugmaker Teva Pharmaceutical Industries Ltd moved to reach a deal ahead of a trial before him that begins on Monday. Under the proposal, McKesson, AmerisourceBergen and Cardinal Health would pay $18 billion over 18...

  • Oct 15- Three drug distributors are in talks with state and local governments to settle opioid litigation for $18 billion, the Wall Street Journal reported on Tuesday, citing people familiar with the discussions. The three companies, which together control about 85% of the U.S. prescription drug market, are among the six that are slated to be defendants in a...

  • Oct 10- A U.S. federal appeals court on Thursday cleared the way for a landmark trial over the nation's opioid crisis, rejecting a bid by eight drug sellers to disqualify the judge, and a request by Ohio and other U.S. states to delay the Oct. 21 trial. Ohio Attorney General Dave Yost, who sought the trial delay, said he was reviewing his legal options.

  • HOUSTON, Oct 8- Citgo Petroleum Corp this week named a former BP lawyer to take on the company's top legal job as it faces creditors seeking to seize shares in the U.S.-based refiner over parent PDVSA's debts. Jack Lynch, who spent 18 years working for BP in Houston, London and Cleveland, Ohio, was named vice president of legal and government affairs, according to...

  • NEW YORK, Oct 8- Oil prices and stocks across major markets fell on Tuesday as tensions rose between China and the United States ahead of high-level trade talks, while the British pound sank on reports that Brexit negotiations were close to breaking down. Washington widened its trade blacklist to include some of China's top artificial intelligence start-ups,...

  • *U.S. still pushing to limit capital flows to China- BBG. Oct 8- U.S. stocks fell on Tuesday as hopes of progress in high-level trade talks were dashed by a report Washington was moving ahead with efforts to limit capital flows to China and the inclusion of some top Chinese startups to a blacklist. The developments weighed on the fragile sentiment fueled by a South...

  • Oct 1- Johnson& Johnson said on Tuesday it will pay $20.4 million to settle claims by two Ohio counties, allowing the U.S. healthcare giant to avoid an upcoming federal trial seeking to hold the industry responsible for the nation's opioid epidemic. Opioids were involved in 400,000 overdose deaths in the United States from 1999 to 2017, according to the U.S....

  • District Judge Dan Polster in Cleveland refused to recuse himself and said he had done nothing to favor the state and local governments suing for damages, including by encouraging settlements. But the eight pharmacy chains and drug distributors told the 6th U.S. Circuit Court of Appeals in Cincinnati that Polster has "lost sight" of his responsibility to...

  • Sept 9- The U.S. judge overseeing nationwide litigation concerning the opioid crisis on Monday rejected Purdue Pharma LP's effort to dismiss claims that its activities caused a public nuisance. District Judge Dan Polster in Cleveland said a reasonable jury could conclude that Purdue's alleged fraudulent marketing of opioids, for the purpose of increasing...

  • *Trial scheduled for Oct. 21 even as judge urges settlement. District Judge Dan Polster, who oversees roughly 2,000 opioid lawsuits by states, counties and cities, said the plaintiffs can try to prove that drugmakers' deceptive marketing of the painkillers caused a harmful, massive increase in supply that pharmacies and distributors did not do enough to stop.

  • Aug 27- OxyContin maker Purdue Pharma LP and its owners, the Sackler family, are in discussion to settle more than 2,000 opioid lawsuits against the company for $10 billion to $12 billion, two people familiar with the matter said on Tuesday. Purdue is among several drugmakers and distributors that have been sued for fueling an opioid addiction crisis in the...

  • Aug 27- OxyContin maker Purdue Pharma and its owners, the Sackler family, are offering to settle more than 2,000 lawsuits against the company for $10 billion to $12 billion, NBC News reported on Tuesday, citing people familiar with the matter. Purdue said it was actively working with state attorneys general and other plaintiffs to reach a resolution, without...

  • DIRECTORS OF NEW YORK, BOSTON, CLEVELAND, ATLANTA, KANSAS CITY, RICHMOND FED BANKS WANTED NO CHANGE TO DISCOUNT RATE-MINUTES.

  • NORMAN, Okla./ BOSTON Aug 26- An Oklahoma judge on Monday ordered Johnson& Johnson to pay $572.1 million to the state for its part in fueling an opioid epidemic by deceptively marketing addictive painkillers, a sum that was substantially less than investors had expected, driving up J&J's shares. "The expectation was this was going to be a $1.5 billion to $2 billion...

  • Aug 26- An Oklahoma judge on Monday ruled that Johnson& Johnson was liable for its part in fueling the opioid epidemic and ordered the drugmaker to pay $572 million following a trial in a lawsuit brought by the state's attorney general. Opioids were involved in almost 400,000 overdose deaths from 1999 to 2017, according to the U.S. Centers for Disease Control and...

  • CLEVELAND FED PRESIDENT LORETTA MESTER SAYS TRADE UNCERTAINTY IS A DOWNSIDE RISK- CNBC INTERVIEW.

  • Aug 20- Endo International Plc and Allergan Plc have agreed to pay $15 million to avoid going to trial in October in a landmark case by two Ohio counties accusing various drug manufacturers and distributors of fueling the U.S. opioid epidemic. Endo announced said it had reached an agreement-in-principle to pay Cuyahoga and Summit counties $10 million to and...

  • Aug 20- Endo International Plc on Tuesday said it had agreed to pay $10 million to avoid going to trial in October in a landmark case by two Ohio counties accusing various drug manufacturers and distributors of fueling the U.S. opioid epidemic. Endo said as part of the agreement-in-principle it had reached with Cuyahoga and Summit counties, it had also agreed to...

  • District Judge Dan Polster during a hearing in Cleveland, Ohio said that while the idea was unprecedented, it could allow companies accused of fueling the epidemic in nearly 2,000 lawsuits before him an ability to obtain "global peace." Paul Singer, a lawyer with the Texas Office of the Attorney General, said the plan also interfered with the states' ability to...

  • Aug 6- A federal judge on Tuesday expressed support for a novel plan by lawyers representing cities and counties suing drug companies over the U.S. opioid epidemic that would bring every community nationally into their settlement talks despite objections from most states. District Judge Dan Polster during a hearing in Cleveland, Ohio said that while the idea...