ITHACA, N.Y.—Israeli drugmaker Teva Pharmaceuticals will pay an estimated $25,694 to the City of Ithaca after the company reached settlement agreements in New York State and nationwide in November, resolving thousands of lawsuits related to its alleged role in the U.S.’ opioid crisis.
After entering an executive session to discuss pending litigation on Wednesday, Ithaca’s Common Council emerged to present a resolution to settle its suit against Teva, which it unanimously approved with no discussion.
Teva, which manufactured the fentanyl products Actiq and Fentora, is able to pay out its settlement with installments beginning in 2023 and ending in 2040.
Litigation against Teva to hold it accountable for its role in creating the ongoing opioid crisis saw the company agree to pay up to $4.25 billion nationwide, and $525 million in New York to settle all of the suits against it.
As a part of the settlements, Teva did not have to admit any wrongdoing.