Teva Reaches Tentative $4.25 Billion Settlement Over Opioids

We haven’t touched base on the vicious, opioid crisis in a while and I’d almost forgotten about Teva’s role as a huge supplier of opioids. They had ignored for years, obvious signs of abuse and red flags such as oversized pill orders for the communities involved. One question is, how do entire entities become infected with the same disease of deceit, where tens or dozens or hundreds of individuals join together in some criminal activity, thinking presumably that they are somehow protected by the institution? In this case it has taken or ruined the lives of hundreds of thousands of Americans, and left many others in pain, disillusion or ruin!Teva Reaches Tentative $4.25 Billion Settlement Over Opioids. 

There is a history of them including Enron, Volkswagen, Wells Fargo, the Catholic Church and more. Now Teva, Purdue Pharma, McKinsey, Johnson & Johnson and others join this “Club of Infamy.” Shame on you all!  May they be rewarded in just the right measure and may the rest who may be contemplating other brands of malfeasance be reminded that “The Law of Cause & Effect” is alive and well and that “What Goes Around (does indeed) Come Around.”

The deal would end thousands of lawsuits against one of the largest producers of opioid painkillers during the height of the opioid epidemic.

https://www.nytimes.com/2022/07/26/health/teva-opioids-settlement.html?smid=em-share

Teva Reaches Tentative $4.25 Billion Settlement Over Opioids

July 26 (Reuters) – Teva Pharmaceutical Industries (TEVA.TA) on Tuesday announced a $4.35 billion proposed nationwide settlement that could resolve thousands of lawsuits over the drugmaker’s alleged role in the U.S. opioid epidemic.

The proposal calls for Teva to pay state and local governments up to $3.7 billion in cash over 13 years plus a contribution of $1.2 billion worth of the opioid overdose reversal drug naloxone. Israel-based Teva also will pay approximately $100 million to Native American tribes and pay attorneys fees incurred by the states, local governments and tribes.

Teva’s proposed settlement would allow state and local governments to opt for additional cash in lieu of an allotment of the overdose medication, at a value of 20% of the drug’s list price.

The settlement’s cash portion is higher than Teva’s chief executive suggested in May. CEO Kare Schultz told analysts at the time that he expected the company to pay around $2.6 billion in cash and medicine to reach a nationwide settlement.

The proposed settlement comes as Teva’s New York traded shares have fallen 11% so far this year under a cloud of uncertainty over an opioid settlement.

Teva, which still has net debt of some $20 billion, had sought a deal featuring less cash and more medicines, but some states and counties were opposed, questioning the value of the medicine, produced far more cheaply than the prices used in the settlement agreements.

Iowa Attorney General Tom Miller, a lead negotiator for the states, called it “another major step in addressing the opioids crisis.”

“We expect these funds to make a significant difference in preventing fatal overdoses and treating opioid addiction disorder,” Miller said.

Teva’s settlement is contingent on separate settlements by AbbVie’s (ABBV.N) Allergan unit. Teva acquired Allergan’s generic drugs business in 2016.

For the Teva deal to take effect, Allergan must reach its own nationwide opioid settlement, and the two companies must settle a dispute over the amount Allergan owes Teva for claims filed prior to the 2016 sale.

Allergan did not immediately respond to a request for comment.

Teva Reaches Tentative $4.25 Billion Settlement Over OpioidsThe Teva settlement will not be finalized unless a sufficient number of state and local governments agree to accept the terms. Teva has already agreed to settlements with West Virginia, Texas, Florida, Rhode Island and Louisiana, and the value of those will be included in the proposed $3.05 billion cash payout.

The state of New York will not participate in the settlement, and continues to seek a judgment against Teva. A New York jury found the company responsible for the state’s opioid crisis in December. read more .

U.S. states, cities and counties filed more than 3,000 lawsuits against opioid manufacturers, distributors and pharmacies, accusing them of downplaying their addiction risk and failing to stop pills from being diverted for illegal use.

The U.S. opioid crisis has caused more than 500,000 overdose deaths over the past two decades, including more than 80,000 in 2021 alone, according to government data.

The company’s insistence on including drugs as a major component of its opioid settlements has been a sticking point in past negotiations.

Teva in 2019 proposed to settle its nationwide opioid liability for $250 million in cash and $23 billion in contributed medicines that was rejected by state and local governments.

 


Kirkus Reviews, the gold-standard for independent & accurate reviews, has this to say about

What Goes Around Comes Around:

A stable, positive, non preachy, objective voice makes the book stand apart from others in the genre. A successful guide that uses anecdotes to reveal powerful truths about life.

~ Kirkus Reviews

“The author gives readers not just points or principles to ponder, but real human experiences that demonstrate them!
Kirkus Reviews
Buy What Goes Around at Amazon

“I’ve read a number of books that focus on sharing a similar message, including “The Secret” by Rhonda Byrne, “The Answer” by John Assaraf & Murray Smith, “The Celestine Prophecy” by James Redfield, “Think and Grow Rich,” by Napoleon Hill, and I must say that I find Rob’s to be my favorite. – Sheryl Woodhouse, founder of Livelihood Matters LLC

Teva Reaches Tentative $4.25 Billion Settlement Over Opioids

Teva Reaches Tentative $4.25 Billion Settlement Over Opioids

So, Chapter Two of the Jeffrey Epstein saga comes almost to a close. Almost, because we won’t know the final ending until we hear the sentencing, which is likely to be a doozie!

Sure, there will be an appeal and there have been shockers in the past, think R. Kelly in 2008. But this is not likely to be one of those.

So Ghislaine, was it worth it? The ride you had with your buddy Jeff, that is? Did the two of you simply mock the concept of Karma, Cause & Effect, What Goes Around Comes Around, different ways to say the same thing? Did you just buy his line that you were  “Teflon Twins” and they’d never get you. What?

Please tell us, explain so there’s some way to think something good and worthwhile about at least you, cause its sure hard to find in this wreckage!

Colombo Family Crime Boss and 12 Others Are Arrested, Prosecutors Say

An indictment unsealed on Tuesday accuses the organization of orchestrating a two-decade scheme to extort a labor union.

Credit…Jesse Ward

 

For two decades, the leadership of the Colombo crime family extorted a Queens labor union, federal prosecutors said — an effort that continued unabated even as members of the mob clan cycled through prison, the family’s notorious longtime boss died, and as federal law enforcement closed in.

Over time, what began as a Colombo captain’s shakedown of a union leader, complete with expletive-laced threats of violence, expanded into a cottage industry, prosecutors said, as the Colombo organization assumed control of contracting and union business, with side operations in phony construction certificates, marijuana trafficking and loan-sharking.

On Tuesday, 11 reputed members and associates of the Colombo crime family, including the mob clan’s entire leadership, were charged in a labor racketeering case brought by the U.S. attorney’s office in Brooklyn.

All but two of the men were arrested Tuesday morning across New York and New Jersey, prosecutors said. Another was surrendered to the authorities on Tuesday; another defendant, identified as the family consigliere, remained at large, prosecutors said.

The indictment accuses the Colombo family of orchestrating a two-decade scheme to extort an unnamed labor union that represented construction workers, using threats of violence to secure payments and arrange contracts that would benefit the crime family.

The charges are an ambitious effort by the U.S. attorney’s office in Brooklyn and the Federal Bureau of Investigation to take down one of the city’s five Mafia families. In addition to the union extortion scheme, which is the heart of the racketeering charge, the indictment charges several misdeeds often associated with the mob, including drug trafficking, money laundering, loan-sharking and falsifying federal labor safety paperwork.

Detention hearings for the defendants in Brooklyn federal court continued into the evening Tuesday, as they entered not-guilty pleas to the charges; prosecutors had asked the court to keep 10 of the defendants in custody.

“Everything we allege in this investigation proves history does indeed repeat itself,” Michael J. Driscoll, F.B.I. assistant director-in-charge, said in a statement. “The underbelly of the crime families in New York City is alive and well.”

Around 2001, prosecutors said, Vincent Ricciardo — a reported captain in the family, also known as “Vinny Unions” — began to demand a portion of a senior labor union official’s salary. When Mr. Ricciardo was convicted and imprisoned on federal racketeering charges in the mid-2000s, prosecutors said, his cousin continued to collect those payments.

Starting in late 2019, prosecutors said, the senior leadership of the Colombo family became directly involved in the shakedown, which extended to broader efforts to siphon money from the union: for example, manipulating the selection of union health fund vendors to contract with entities connected to the family, and diverting more than $10,000 each month from the fund to the family.

Sign up for the New York Today Newsletter  Each morning, get the latest on New York businesses, arts, sports, dining, style and more. 

Andrew Russo, 87, who prosecutors describe as the family boss, is accused of taking part in those efforts, as well as a money-laundering scheme to send the proceeds of the union extortion through intermediaries to Colombo associates. He was among nine defendants charged with racketeering.

Mr. Russo appeared in court virtually from the hospital Tuesday; he is set to be detained upon his release, pending a future bail hearing.

The family’s infamous longtime boss, Carmine J. Persico, died in federal custody in North Carolina in March 2019.

Federal law enforcement learned of the extortion scheme about a year ago, prosecutors wrote in a court filing Tuesday; investigators gathered thousands of hours of wiretapped calls and conversations recorded by a confidential witness, wrote the prosecutors, who also described law-enforcement surveillance of meetings among the accused conspirators.

The authorities said they repeatedly captured Mr. Ricciardo and his associates threatening to kill the union official. “I’ll put him in the ground right in front of his wife and kids,” Mr. Ricciardo was recorded saying in June.

On another occasion cited by prosecutors in the memo seeking his detention, Mr. Ricciardo directed the union official to hire a consultant selected by the Colombo family, saying: “It’s my union and that’s it.” Prosecutors said his activities were overseen by a Colombo soldier and the consigliere who remains at large.

Much of the activity outlined in the indictment took place while the defendants were either in prison or on supervised release for prior federal mob-related convictions. Theodore Persico Jr., described as a family captain and soldier, was released from federal prison in 2020 and, despite a directive not to associate with members of organized crime, “directed much of the labor racketeering scheme,” prosecutors said.

Mr. Persico, 58, is set to inherit the role of boss after Mr. Russo, prosecutors wrote.

Several of the defendants were named in what prosecutors described as a fraudulent safety training scheme, in which they falsified state and federal paperwork that is required for construction workers to show they have completed safety training courses.

One of the defendants, John Ragano — whom prosecutors say is a soldier in the Bonanno crime family — is accused of setting up phony occupational safety training schools in New York, which prosecutors said were “mills” that provided fraudulent safety training certificates to hundreds of people.

In October 2020, prosecutors said, an undercover law enforcement officer visited one of the schools in Ozone Park, Queens, and received, from Mr. Ricciardo’s cousin, a blank test form and an answer sheet; weeks later, the agent returned to pick up his federal safety card and paid $500.

The purported schools were also used for meetings with members of La Cosa Nostra — the group of crime families commonly known as the Mafia — and to store illegal drugs and fireworks, according to the indictment.

Mr. Ragano wasn’t charged on the racketeering count, although prosecutors also sought his detention pending trial. In addition to the racketeering count, several defendants, including Mr. Ricciardo and his cousin, were charged with extortion, conspiracy, fraud and conspiracy to make false statements.

William K. Rashbaum contributed reporting.

Correction: 

An earlier version of this article misstated the number of people identified in an indictment as members of the Colombo crime family. It is 11, not more than a dozen.