Hunter Shkolnik Quoted on Possible Overvalued Settlement
November 7, 2019
Source: The Jerusalem Post
Teva Pharmaceutical Industries Ltd’s proposed $23 billion drug giveaway to settle thousands of U.S. opioid lawsuits will likely cost the company a fraction of that figure due to how it has valued those medicines, according to a Reuters review of pricing data and industry analysts.
In interviews with Reuters, lawyers representing local governments in the opioid litigation said the figure proposed by Teva inflates the real value of the drugs. They said the proposal will not be enough to address a nationwide addiction crisis that has claimed some 400,000 lives over the last two decades.
The deal is “overvalued to make the settlement look better,” said Hunter Shkolnik, a lawyer on the plaintiffs executive committee that is managing more than 2,300 federal lawsuits consolidated in the U.S. District Court in Cleveland.
“I don’t believe a no-cash payment from Teva, one of the largest generic manufacturers in the world, is appropriate,” he told Reuters.