Endo International PLC agreed to pay $50 million to settle with New York state and county authorities over the opioid crisis as the drugmaker pursues a broader resolution to its opioid-related liabilities, WSJ Pro Bankruptcy reported. The settlement with New York state, Suffolk County and Nassau County officials removes Endo from a continuing trial over allegations that it and other drugmakers contributed to widespread opioid addiction. Jayne Conroy, lead counsel for Suffolk County, said the settlement with Endo “ensures funding will be made available for critical abatement programs in a more expedited fashion.” Under the settlement terms, Suffolk and Nassau counties will receive $13.85 million each, while $22.3 million will go to the New York state attorney general’s office. Endo still faces nearly 3,000 other legal cases pending against it from states, counties, cities and Native American tribes over opioids, which the company said Thursday it is focused on resolving. The company, which has operations in Malvern, Pa., but is domiciled in Ireland following a 2014 corporate tax inversion, also said it is exploring strategic alternatives and “may seek to implement one or more of those alternatives” if it can’t reach a broad global deal to settle the opioid litigation.
