Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
South Korea Assures U.S. on Trade Deal Commitments Amid Tariff Concerns 
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
India–U.S. Interim Trade Pact Cuts Auto Tariffs but Leaves Tesla Out 
Dollar Near Two-Week High as Stock Rout, AI Concerns and Global Events Drive Market Volatility 
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
South Africa Eyes ECB Repo Lines as Inflation Eases and Rate Cuts Loom 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
Johnson & Johnson is set to pay $230 million to settle a legal case over claims it encouraged and bolstered the opioid addiction predicament in the state of New York. Then again, it was mentioned that despite settling, the company did not acknowledge liability or any wrongdoing in what it was accused of.
What the J&J settlement means
As per BBC News, Johnson & Johnson settlement effectively prevented it from going to trial that is set to start on Tuesday, June 29. The hearing will present a number of opioid manufacturers and distributors as the defendants of the case.
The company said that its agreements with New York State are proportionate with the previous resolution to pay $5 billion to settle the opioid claims. It was added that the arrangement also requires Johnson & Johnson to discontinue the sale of painkillers across the country.
"The opioid epidemic has wreaked havoc on countless communities across New York state and the rest of the nation, leaving millions still addicted to dangerous and deadly opioids," Letitia James, the New York attorney general, said. "Johnson & Johnson helped fuel this fire, but today they're committing to leaving the opioid business - not only in New York but across the entire country."
J&J to take its problematic painkillers off the market
It was mentioned that addiction to opioids, both legal and illegal drugs, has become a serious issue, and this problem is ongoing in countries like the United States. In fact, based on the record of the Centers for Disease Control and Prevention, the country reported almost half a million deaths due to overdoses between the years 1999 and 2019.
While Johnson & Johnson is set to be removed from the trial in New York, it is still facing similar cases in other states such as California. At any rate, the deal with New York also asked the company to stop selling opioids, and it was learned that J&J already did so for some time now.
CNBC reported that Johnson & Johnson confirmed it has ended its opioid business a while ago, even before the settlement with New York. Since 2015, the company stopped marketing opioids in the U.S. and totally withdrew from the business in 2020.
