Skip to main content

Market Overview

Oklahoma Supreme Court Overturns Opioid Ruling Against Johnson & Johnson

Share:
Oklahoma Supreme Court Overturns Opioid Ruling Against Johnson & Johnson
  • Oklahoma’s Supreme Court struck down a 2019 ruling against Johnson & Johnson (NYSE: JNJ) and overturned a $465 million fine, finding a judge incorrectly interpreted public nuisance laws.
  • The 5-to-1 decision that overturned the $465 million verdict issued by Cleveland County District Judge Thad Balkman in 2019 is a blow to the argument that companies that marketed, sold, and distributed opioids created a public nuisance.
  • Because J&J had appealed the previous ruling, none of the fines had been paid yet.
  • “In reaching this decision, we do not minimize the severity of the harm that thousands of Oklahoma citizens have suffered because of opioids,” the majority opinion wrote. “However grave the problem of opioid addiction is in Oklahoma, public nuisance law does not provide a remedy for this harm.”
  • The one dissenting judge, James E. Edmondson, said he disagreed with the ruling against J&J but thought that the decision should be remanded to the lower court.
  • Related Link: California Judge Rules For Drugmakers In Major Opioid Litigation.
  • Price Action: JNJ shares are up 0.82% at $163.84 during the market session on the last check Wednesday.
 

Related Articles (JNJ)

View Comments and Join the Discussion!

Posted-In: Briefs opioid abuse OpioidsBiotech News Health Care Legal General

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com