Drug Distributors To Pay Up To $1.1B To Settle New York Opioid Claims

McKesson Corporation (NYSE:MCK), Cardinal Health Inc (NYSE:CAH), and AmerisourceBergen Corp (NYSE:ABC) have agreed to pay up to $1.179 billion to settle claims by New York state and two of its biggest counties over their role in the U.S. opioid epidemic.
The drug distributors settled as state attorneys general prepare to announce a $26 billion deal with the distributors and drugmaker Johnson & Johnson (NYSE:JNJ), resolving cases as soon as this week.
The CDC last week said provisional data showed that 2020 was a record year for drug overdose deaths with 93,331, up 29% from a year earlier. Opioids were involved in 74.7%, or 69,710, of those fatalities.
Price Action: MCK shares are up 6.5% at $200.53, and ABC shares are +6.1% at $119.45, and CAH stock is +6.4% at $59.62 in the market session on the last check Tuesday.