ABBV AbbVie Inc

By Dean Seal

New York's attorney general said Friday that final approval has been granted for $17.3 billion in settlements with drug makers and pharmacies over the opioid crisis.

The approvals resolve cases from multiple states accusing Teva Pharmaceuticals and Allergan as well as CVS and Walgreens of downplaying the risk of painkillers and perpetuating the deadly opioid epidemic.

The settlement deals will become effective in the coming weeks and the settlement funds will start becoming available to state and local governments by the end of the year.

New York is set to receive more than $1 billion and has already started receiving payments from Teva for the trial premium as part of the state's previous landmark liability verdict against the company, the New York AG's office said.

"These funds will help with opioid abatement, education, and treatment efforts in our communities," Attorney General Letitia James said.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

June 09, 2023 10:24 ET (14:24 GMT)

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