Teva Pharmaceutical Industries (TEVA -5.5%) continues to battle bad news. Bloomberg reports that a district court judge in Oklahoma will not approve the company’s $85M settlement over its role in the opioid epidemic there because AG Mike Hunter has not shown that the proceeds will go into the state’s treasury as mandated under a recent law.
Oklahoma lawmakers enacted the legislation after the $270M settlement with Purdue Pharma which will fund research and treatment programs instead of being deposited into the state’s coffers.
It appears unlikely, though, that the issue the TEVA settlement cannot be quickly resolved.
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