distributors mckesson ameri source and cardinal health but any ruling was expected to set the benchmark for trials across the country an attorney for the 2 counties explains why they settled at the last minute instead of going to trial that was the problem with the national settlement that was proposed they were talking billions of dollars. trickles down even up start up money to help any any one county start its program and that's why we could recommend to the county that that was a good deal for the county or anyone else but we had to stand alone and say no to the national settlement. the full companies will no pay a total of $260000000.00 to the plaintiffs it's money they urgently need for preventative measures and health education but a national solution to the opioid epidemic the pews distant. let's get more on this with chills leave the lady or financial correspondent friend for chelsea what does this settlement mean for all the other pending cases attorneys are saying that this does sort of get us a step closer to a global settlement for these companies the drug companies involve

opioid crisis in the state of ohio now those companies specifically include the drug distributors mckesson corporation which was down 2.2 percent ahead of the open cardinal health which was down 1.5 percent amerisource bergen which was down 1.8 percent and israel based drug maker tivo pharmaceuticals which was down 4 percent now for the 1st 3 mckesson cardinal and amerisource bergen all of those rank in the top 25 of the fortune $500.00 and together they controlled around 95 percent of the u.s. drug distribution market in 2018 now they agreed to pay $215000000.00 but kiva pharmaceuticals agreed to pay 20000000 and it says that it will donate around $25000000.00 worth of treatment drugs and now there is also a 5th defendant in this case the pharmacy chain walgreens but they did not agree with that all men and reports are claiming that the judge is postponing the trial in the case. so what can you tell us more about this case and specifically why ted as pharmaceutical is being punished so heavily when you have all the drug just videos barely have hit getting hit at all exactly well this case

shares of the drug driblters cardinal health, mckesson amer source bergen process.bit after the settlement agreement split among the three and paid over 18 years may be less than wall street feared morgan stanley estimated base case viability for the 8.32 billion for cardinal appear mere source bergen at 6.9 pl billion bergen declined comment while mckesson and health didn't immediately respond. j & j is open to options to resolves the cases include strmt. >> twab it would be pallett tri if the three drug districters and j & j separate is over 18 years. >> $18 billion. >> is j & j in the three. >> they might kick in money. >> okay. >> and then you spread that over 18 years. >> right. >> and it's almost nothing. >> wow. >> well that's i guess why they're up big in the after hours. i'm surprised i would have thought this has been not priced in this but the idea that there would be a global settlement has been happening that's interesting. >> yeah, i think this is -- i mean this is an extraordinary result if it's the final result. i think again federal dynamics up ahea

> j&j, probably said 121 is the level it trades down there getting back to abc, cardinal health, mckesson issued a statement, hoping obviously this settlement in ohio leads to a framework but to tim's point, hope is not an investment thesis that stock mckesson has gone from 130 to 152 pretty much in a straight line. evaluation makes sense they report i believe at the end of the month you have yourself where is the next level to get in mckesson might be one of the most interesting ones here, 141 makes sense for a lot of reasons, $2.5, $3 from where we are. >> read more about the settlement on our website cnbc.com we have much more ahead on "fast money. here's what's coming up next >> break out your rally caps, because one of wall street's biggest bulls says we're headed back to all-time highs he'll lay out three factors that will get us there. >>> and later, pedaling pass activity wall street analysts going bullish on peloton, but the stock has a big uphill ride. 'll explain, when "fast money" returns. your family is duckin' and rollin'... while we stowin' and goin' but that's cool, i know

distributors mckesson america and cardinal health but any ruling was expected to set the benchmark for trials across the country an attorney for the 2 counties explains why they settled at the last minute instead of going to trial that was the problem. that was. there we're talking billions of dollars. trickles. down to start its program and that's why we recommend to the county that that was a good deal for the county or anyone else we had. to the national so. the 4 companies will now pay a total of $260000000.00 to the plaintiffs it's money they urgently need for preventative measures and health education but a national solution to the opioid epidemic appears distant. for the subject i'm now joined by financial correspondent on wall street. it's good to see you so we saw stock prices of most of the pharmaceutical companies involved tag today what does this mean for the makers. well it means that the uncertainty will remain with us recently there was talk about a countrywide settlement amount of roughly $50000000000.00 so now we have this small deal but as i mentioned and as we heard

we might be joined by deray mckesson, a community organizer and co-founder of the zero.project the groupknow you have been dealing with this, were dealing with it when you were governor of maryland. currently the group is right on crime. right on crime is, a conservative take on criminal justice. it is counterintuitive to some, not to me, not to many, in fact. but it is a leading group of philosophically inclined conservatives who believe that criminal justice is a party issue in our country. who believe that anything man-made can and is broken, and we should do our best to achieve one simple goal, justice. this has been an issue that has in conservative electoral circles for decades. over the past decade it has really taken off. we were talking off-camera a little bit that this might be the only purple issue of our time. there is a little bit of a nixon goes to china element to this as when we were out doing this in maryland more than 10 years ago, before it was cool , before everyone was talking about it, before it was a purple issue. my staff would say -- say again, why are we doing t

another big day for earnings today, ge, mckesson out before the bell. s&p down 2 and a quarter, nasdaq down 3 and-a-half. after the bell it gets interesting. we've got apple, facebook and starbucks coming out. lauren: reuters is reporting that phase one of the trade deal between the u.s. and china might not be ready for signing early next month. the shaping high composite -- shanghai composite losing half of one%. cheryl: the ftse is fractionally lower, the tax is in the red. lauren: in the u.k. we get the results on friday, the 13th for the election. could b be spooky. dennis muilenburg was grilled on capitol hill over the deadly 737 max crashes that killed 346 people. families held up photos of their loved ones during the senate testimony yesterday. cheryl: we have details. >> we made mistakes and we got some things wrong. >> reporter: boeing's ceo testifying before a senate committee over fatal crashes with its 737 max jets. those incidents killing a combined 346 people. >> every day that drives us to improve the safety of our airplanes and our indus

so the audience knows, you have mckesson, amerisourcebergen and cardinal health, all those shares areter they made their settlement. i guess they're facing a whole lot more cases, testify is a. the stock is going through the roof right now. >> what testify is a is trying to exposure to end this thing, stop the bleeding, start over, know exactly where they stand. those other three are distributors, not manufacturers. they still face cases. they would like to do the same thing. all defendanteds want to end this, put it behind them, how much that is going to cost, whether they put a better deal before they go before a jury. charles: theoretically could cost a hundreds of billions considering all the lawsuits out there. >> absolutely. depending who decides the numbers. the case that was supposed to start today, a jury deciding liability and a judge deciding the numbers. sometimes juries as we saw in the 8 billion-dollar verdict we saw last week i know you wanted to talk about that juries sometimes award big numbers members. one of the reasons the corporations settle, finalize the case, ma

mckesson, bergen, cardinal would pay $18 billion over 18 years, j&j would pay $4 billion. teva would give away medications, one is offers 15 billion. as part of that quote value proposition, it would provide distribution services. u.s. senators for disease control and prevention, reporting that opioids were responsible for roughly 400,000 overdose deaths in the u.s. from 1999 to 2017. so, clearly the judge, many others want to make a point. melissa? back to you. melissa: deirdre, thank you. >> sure. connell: defending a controversial digs, president trump speaking out on temporary cease-fire deal with turkey after a call he had with the president of turkey, president erdogan. blake burman live with all this. blake? reporter: connell, the call between president trump and erdogan taking place earlier this morning and afterwards the president downplayed reports of renewed fighting in northeastern syria. at a couple different times today, it is quote minor sniper and mortar fire. the president today continued to hail the cease-fire agreement arranged by the administration. ack

they include teva, walgreens and mckesson of.politano. what are you expecting here? >> it doesn't look like the cases are going to settle. one of the plaintiffs -- excuse me, one of the lesser defendants just settled a few minutes ago. it's not vee very significant. there are about 2,000 of these cases that have been consolidated by the chief justice of the united states, before one federal district court judge sitting in cleveland. the plaintiffs in all of these cases are not individuals who have been harmed by the use of the drug or addicted to it but counties and cities -- not states, they have their own litigation. these are counties and cities around the country. so this case is what we call a bellwether. the plaintiffs are typical and the defendants are typical and the allegations are typical. the jury if it goes to a jury will be asked very specific questions. which expert did you believe, why did you believe that expert, why did you find lienl liability against wall greens for example, if they do find liability against a

well, in may of this year west virginia resolved its fourth lawsuit against mckesson corporation for37 million. what should state officials do with that differently and what should other states and localities who find themselves in this same position do? >> i think one of the most important factors is to make sure we don't make those mistakes, for example, for the worst case in the country in west virginia the high overdose deaths, we've had a settlement altogether of less than $100 million. that's knowing that the state's losing about $8 billion a year in the opioid crisis. so we've got to make sure that the settlement matches the need of the communities. and then comes the thought of how do you use this money? it's very important to make sure that the states have some version of an abatement plan. naenz how much money will go into the health sector, how much of it will go to help babies that are born dependent on opioids and would need immediate help. how much would go into preventi prevention. and included knowing there is a number of criminal justice system including incarcerated

america's source bergman cardinal health and mckesson corp allegedly played roles in the opioid crisis according to the source. the companies are proposing a combined billion payment over 18 years. johnson and johnson is in talks to pay another 4 billion. >>a new government report reveals a disturbing trend, according to the cdc, the use suicide rate rose 56% over a 10 year period for decades, suicide rates for teenagers and young adults was relatively rare. but from 2007 through 2017 the number of suicides jump from nearly 7 deaths per 100,000 people to nearly 11 deaths. suicide is now the second most common cause of death for young men and women. it has now only outpaced by accidents if you or someone you know is at risk of suicide. the experts say encourage them to call the national suicide prevention hotline, 1, 802 7, 3, talk. johnson johnson is recalling some of its popular baby powder after it was found to be contaminated with asbestos. >>the fda found the us pestis in a bottle of power purchase online. in response johnson and johnson issued a voluntary recall for one lot of its

drug companies reach a multimillion-dollar settlement for their role in the opioid mek epidemic, mckesson and teva reached a $260 million legal settlement. now now distribute 90% of the country's drug. we're back after the break. >>> want to take you live to pacific palisades in southern california. as you see here, a brush fire has broken out. leaving a lot of thick smoke to the area but there are concerns because you see it is in a partially residential, looks like business neighborhood there as well. and the winds look like they're already picking up. evacuations are underway. pacific palisades is kind of tucked in between the santa monica mountains and the pacific ocean not too far from the world famous getty museum and construction crews on the site just hosing it off. >> you could see like they said, the winds are picking up in the area. we're told this is one acre of land there and it looks like fire crews have just arrived to the scene trying to get that under control. and we saw crews there just moments ago. they were trying to do what they could to put the fire out because it wa

i >>> and the a report tonight also that they -- the three major drug clikters mckesson and cardinaleth and bergen are in talks t to pay $1 billion to is settle opioid litigationve j&j is inv in discussions to kibet ney. >>> manufacturing activity in the new york area picked up in october as optimism over business conditions improved. hiw orders showing small increase as didltlt which just recently hit its lowest early three years. >>> and the international monetary fund food is predicting global economic growth will slow 2008 financial crisis.ince it now sees 3% growth overallfo the global economy. 2.4% for the u.s. and 6.1% in china. acrdg to the group, a sharper than expected slowdown in international trade is affecting manufacturing and investments. >>> one factor are the rising trades barrind the continuing trade tensions but couple of other factors which is kind of country specific factors and eece paging market and developing economies and structural forces which is low prodtivityrowth. aging demographic and advanced econy. these three are possible. >> the imf add to doould da

. >> mckesson from the stock 128 to 152 in about a week and a half i mean that's a significant move real, j&j we have this a while, looks compelling but the headline risk is such that the 121 level we saw in december of 2018 is absolutely in play. >> let's move on cnbc sat down to pimco cofounder bill gross at his home in newport beach. the former bond king is a stock pick are he gave cnbc brian sullivan his favorite play right now. let's see what it is >> allergan, which manufactures lenses and so on is being bought by a health company called abvi. and there is still a good 7% or 8% in terms of a margin close up if and when they close the merger three or four months from now. >> blinded by the sun there, tim. what do you think of allergan. >> if he if we look at the biotech space allergan is a name that certainly i think has been more defensive there's been m and a talk and pipeline talk about you if look at the core pipeline i think it's under pressure. the valuations in the space and balance sheets in the space give you a lot ofo add one thing on allergan. if you buy the stock you are

the companies are mckesson, cardinal health, amerisource bergen and teva pharmaceutical.y reached a settlement totaling $260 million with two counties in ohio. they're the first of nearly 3,000 plaintiffs across the country that are suing big pharma over drugs that have killed hundreds of thousands of hunicans. tonight dean reynolds reports on thotten to of th crthe growing number of ilen >> you go get the cones. >> reporter: when we met suzanne valle two years ago, she was busy fostering five children, all from drug-ridden homes. four of them her own brother's kids. >> i know he loved them. you know, it's hard to explain that kind of love, because if you really, really loved your children, you would do everything in your power to get erf of the drugs. >> reporter: today she has a todh child in her and her husband's care all due to opioid abuse. is that getting worse? >> i think it is. i do feel terrible for the people that are drug addicted. it just breaks my heart. i just wish they would stop. but what breaks my heart more is seeing all the kids without their parents an

for settling this deal settles claims against distributors amerisource bergen cardinal health and mckesson and the israeli opioid manufacturer. in a statement the distributor said while the companies strongly dispute the allegations made by the 2 counties they believe settling the bell-wether trial is an important stepping stone to achieving a global resolution and delivering meaningful relief to have a declined to comment the pharmacy company walgreens boots alliance did not reach a settlement saying in a statement that the company never manufactured the drugs nor sold them to so-called pill mills the partial settlement by 2 ohio counties came at 1 am cleveland time hours before the start of the 1st federal trial of drug makers and distributors that trial combined thousands of cases brought by local communities across the u.s. against companies blamed for the opioid crisis that has led 240-0000 overdose deaths over 2 decades the settlement with the ohio counties. would serve as a benchmark for a larger $48000000000.00 settlement with the drug companies that would end the federal prosecuti

in the u.s., mckesson falling 8%. eps beat come about that opioid settlement still weighing on mckesson. yum! brands falling 10%, the most in four years. weakness in the pizza hut brand particularly. there have been some big cap winners today. if we switch of the board again, we should be able to see them. general electric rising some 12% , jumping after raising its forecast. johnson & johnson also gaining 2.3%. not an earnings story for johnson & johnson. it is leading the dow today, seeing its second biggest gain since january, as the company says its tests have found no asbestos in its baby powder. and of course, fiat chrysler rising about 10%. today is the best day in five years on the news that there is a megamerger in the works between fiat chrysler and peugeot. finally, i wanted to talk about that u.s. gdp number today that came in better than expected. the u.s. economy growing someone .9% in the third quarter. -- growing some 1.9% in the third quarter. spending rose 2.9% in the third quarter, better than estim

have settled with 3 drug distributors those are american amerisource bergen cardinal health and mckesson and with the israeli opioid maker 10 at walgreens did not settle that is that walgreen boots the pharmacy chain they said they don't manufacture the drugs and they have not sold the pill mills and therefore they didn't feel it was appropriate for them to reach that settlement that this could serve as a model for a larger settlement one that has been estimated at $48000000000.00 that would settle all of those cases being prosecuted in cleveland negotiations continue and that trial was set to begin this week ok there are thousands of lawsuits against other people involved in this crisis where do those stand. well those cases are going to continue to go forward in that court in cleveland but meanwhile there are negotiations going on the drug companies would like some certainty in the future they want their investors to have confidence that their stock will still retain its value so they want to come to some resolution here it's just a matter of how much and critics have looked at this cu

we had been expected to be joined by community activist ray mckesson. got a text message he's stuck on a flight. but plenty of time for calls. talking about criminal justice reform in a weekend in which the presidential candidates on the democratic side and president trump headed to columbia, south carolina, to a forum to talk about that issue. perhaps one issue that will come up heading into that weekend is bernie sanders new plan that he just released, the proposal on thursday, looking to legalize marijuana across the country and expunge criminal convictions related to the drug. there's the headline there from "the washington post." your thoughts on the legalization of marijuana, both for medical and recreational purposes. >> well, i have been a long-time supporter of medical marijuana. i've been a long-time supporter of all of the above when it comes to terminal situations, end of life issues. and going back to my days in congress, in fact, i received plenty of grief from the bush administration during that time for my view. i took that view to the g

the companies are mckesson, cardinal health, amerisourcebergen and teva pharmaceutical. they reached a settlement totaling $260 million with two counties in ohio. they're first of nearly 3,000 plaintiffs across the country that are suing big pharma over drugs that have killed hundreds of thousands of americans. tonight dean reynolds reports on the forgotten toll of the crisis, the growing number of children in foster care. >> you go get the cones. >> reporter: when we met suzanne valle two years ago, she was busy fostering five children, all from drug-ridden homes. four of them her own brother's kids. >> i know he loves them. you know, it's hard to explain that kind of love, because if you really, really loved your children, you would do everything in your power to get off of the drugs. >> reporter: today she has a sixth child in her and her husband's care all due to opioid abuse. is that getting worse? >> i think it is. i do feel terrible for the people that are drug addicted. it just breaks my heart. i just wish they would stop. but what breaks my heart more is seeing

we expect be joined by activist deray mckesson. we got a text message he is stuck on a plane.lenty of time for calls. talk about criminal justice reform in a weekend in which the presidential candidates on the democratic side and president trump are heading to columbia, south carolina to talk about the issue. perhaps that is one issue coming up heading into the weekend, plan toanders's new legalize marijuana across the expungeand criminal convictions. your thoughts? guest: i have been a longtime supporter of medical marijuana. i have been a longtime supporter of terminal situations, end-of-life issues.going i receiveddays and, plenty of grief in the bush administration for my views. i took that to the governorship of maryland and we got some stuff done in maryland. wife is a deputy in the drugs zar's opt -- c operations. she is a public defender. she has prosecuted marijuana offenders over many years. the issue of marijuana legalization is very difficult, particularly given the marijuana we are dealing with today. this is what the scientists tell us. of 20s not the marijuana o

are in talks to settle opioid litigation for $18 billion you are seeing cardinal and mckesson up thereisource unchanged right now. this would be ahead of the first federal trial in the opioid cases set to start on monday where those cases are named. we'll bring you anymore we get on this, guys. they are also reporting that j&j may be contributing to that $18 billion potential settlement with all of the different plaintiffs in the opioid litigation >> thank you very much, meg. a big story and a lot of big headlines to follow. let's send it over now to mike santoli with his third dashboard of the day >> thinking about a refi a lot of corporate ceos are doing if they're listening to their investors. take a look at this result from the global fund manager. the global takeaway from that survey that investors remain very cautiously positioned, a little bit defensive minded at the moment but this is a question that's asked very much, is what they would prefer companies do with their excess cash flow, in terms of priorities. the top answer right now is in orange, is improve balance sheets and

cardinal health, mckesson will pay a combined $250 million to two counties in ohio there were hit harder, teva, will pay $20 million in cash and supplies $25 million worth of suboxone, a drug used to help treat opioid addiction. >> we are looking to utilize this money for treatment and getting people into programs and assisting first responders as they deal with this crisis. >> the counties had originally asked for $8 billion, they say the settlement will provide immediate relief to the people and their communities. the city's tentative agreement give those drug company's more time to continue to work toward a nationwide deal. >>> we are checking in on that weather. red flag warning coming our way. a beautiful sunset behind me tonight throughout the bay area. we are getting ready for some more, i will have the details on a red flag warning later on this week. >>> heather holmes joins us now. she's in the newsroom with stories we are working on or the 7:00 news. >> we will continue to monitor the possibility of pg&e power shut off this week. when hot, dry, weather returns to much of the

they are amerisourcebergen cardinal health and mckesson corporation.ibutor called henry schein medical, a generic drug maker called t va and the pharmaceutical chain walgreens are also involved. the federal trade skews me the federal trial combines nearly 2000 cases involving state cities counties and communities and tribal lands. new numbers show that more and more consumers are actively doing whatever they can to avoid robo calls active registrations on the national do not call list increased over the past year. the registry is maintained by the ftc which allows consumers to opt out of receiving most legal telemarketing calls the ftc's new data also shows the total number of consumer complaints decreased slightly just for the second straight year of those complaints however, nearly 3 of every 4 were up about robo calls. consumers most often filed complaints about imposter scams which saw a significant jump over the last fiscal year. well, here's something you don't see every day and laguna beach you may see it in >>but not necessary laguna beach fire

the $260 million settlement includes companies amerisourcebergen, cardinal health, mckesson, and teva pharmaceuticals. just hours after this settlement was announced monday, a group of state attorneys general said they had reached a tentative $48 billion agreement with the same four companies and johnson & johnson. it's not clear whether the lawyers for the 2000 cities and counties that have sued over the opioid epidemic will accept the nationwide deal. the clothing retail store macy's says it will stop selling fur products by early 2021 after years of pressure from the humane society. macy's announcement comes after other major companies, including michael kors and gucci, also stopped selling fur products i n recent years. and in new york city, former city council spepeaker melissa mark-viverito and six others were arrested monday at a protest demanding that the museum of modern art, moma, cut ties with trustee steven tananbaum, whose vulture fund owns at least $2.5 billion of puererto rico's debtbt and has profited off the island's financial crisis. goldentree asset management is on

we are watching that closely leading to the up side, health care names among those moving higher, mckesson, amer source better again, centene, seen some of them on a tear following news they're in talks for possible $50 billion or thereabouts settlement related to opioid lawsuits health care versus technology and what's happening with other names, it is an interesting proving point as markets are near record high levels whether there's more momentum. in the past week or so, more trade headlines, not just between the u.s. and china, and brexit this morning, moves more sensitive sectors in the economy. semiconductors, home builder stocks health care you want to keep an eye on, carl back to you at the new york stock exchange >>> to everybody, good morning it is 8:00 a.m. at netflix headquarters in california, 11:00 a.m. on wall street. "squawk alley" is live. ♪ ♪ >> i am carl quintanilla with morgan brennan and jon fortt at the post nine. we start with netflix, another miss on subs well off session highs mark mahaney joins us to talk about that with julia boorstin let's go to you first, julia

mckesson, american bergen, or amerisourcebergen, rather, cardinal health are discussing paying $18 billion over 18 years. drug manufacturer johnson & johnson is also part of the talks and would split the cost. state and local governments along with native american tribes have filed some 2000 lawsuits. at least 400,000 americans have died from overdoses of legal and illegal opioids in the past 20 years. >>> general motors and united auto workers union have reached a tentative deal that could end a month-long strike. the tentative contract agreement was announced this morning but it will immediately end the strike by more than 49,000 workers. they are likely to stay on the picket lines at least a few more days until members vote on that new deal. >>> a new report finds san fran created as many low-wage job is high paying tech jobs. according to the san francisco chronicle state employment figures show the city added just over 53,000 workers earning more than $118,000 a year of the last three years. but for nearly every well- paying job and $18 a $20 per hour position open it. report suggests

mckesson, amerisource and cardinal health would collectively pay $18 billion over 18 years under thetly on the table. and going from bad to worse, wework reportedly is set to run out of cash by november and investors are trying to save it from bankruptcy. japan's softbank and jp morgan chase are working in an effort to save wework from going under this year by securing emergency funding. there's a reshoveling in los angeles. circus circus is being sold. in a separate deal, mgm is placg the be ladies an belagio into at venture. nevada gaming officials are seeking to ban steve wynn from doing business in sin city. wynn has 15 days to respond. wynn resigned as ceo of his company in january 2018, days after allegations of sexual misconduct. and that's what's happening now. lauren: that's a lot going on in sin city, tray civil thank yotracee, thank youvery much. cheryl: right now, there's red arrows across the board. we'll be getting more earnings before the bell. that could change the story like it did yesterday. dow down 88 right now, s&p down 10, nasdaq down 23 and a quarter. last nigh

look at the company's name sear on the left side of your screen yet mckesson and cardinal health bergincombined agreed to settle with 2 counties in ohio for million another company tebow will pay $20 million in some attorneys say this money isn't enough. resources from the parties that caused this problem. >>and they need to make it right and that's the benchmark that this set so as you've seen from both from our mitigation plan involves treatment involves. caring for the kids that have left been left behind miles. criminal justice issues that involves all kinds of things. >>and one major potential plaintiffs walgreens was left off the case. we realized the pharmacies should stand alone. and that's why will be snapping severed out. walgreens releasing this statement that reads in part we never sold opioid medications to pain clinics, internet pharmacies or the so-called pill mills that fueled the national opioid crisis. but the giant pharmacy may have to defend itself again in a different trial. today's settlement is the first case of more than 2700 plaintive communities across the us.

"big three" distributors:e mckesson corporation,er ource-bergen, and cardinal health, as well as tevaicals, which is an israeli drug mak but thousands of government officials around the country are watching to see whethech bigger national settlement can $50 billion.ossibly as high as let's look at how the deal took shape, and what comes next. lennbernstein of "the washington post" has been covering this caserom the beginning. he's in cleveland where the settlement was announced. welcome back to the "newshour". before we get tosahese other ths of cases that are still pending, some form of an agreement, tell us what was settled late last night betwe these two ohio counties. >> t counties and the drug companies have agreed ope, o tht instead of going to trial, the big three distributors will provid$215 million in cash and teva will provide anotherin $20 millio anti-addiction drugs. that money goes as quickly as possibleo the people in cuyahoga and summit counties who need it for treoratment, law enforcement to take care of foster children, for all the needs created by the opioid epidemic

cardinal health and mckesson will pay a combined $250 million to two counties in ohio hit hard by theker, will pay $200 million in cash. and supply the drug used to treat opioid addiction. >> we are looking at lysing this money for treatment and getting people into programs and assisting first responders as they deal with this crisis. >> the counties had originally asked for $8 billion. they said the settlement will provide immediate relief to people in their communities. today's tentative agreement gives drug companies more time to continue to work toward a nationwide deal. >>> the progress has been great. we are moving forward. >> reducing fire fuel, the plan in place to remove brush from highway 17 in santa cruz and elaine crozier's cost traffic nightmares. >>> plus, facebook announces it is making new moves ahead of the 2020 election to combat election interference. straight ahead, what countries they revealed that i have already launched misinformation campaigns. come try my really big chicken two patties for $4.99, or three for $5.99, or four for $6.99. that's an amazing deal, j

mckesson up 4 1/2% what makes this one such a biggie >> so this is a huge overhang to these companiesreet thought they would have to pay a lot more than $18 billion to settle the thousands of opioid lawsuits against them. it's not just the drug distributors that are in these talks. it's also johnson & johnson, which could contribute about $4 billion. and that is also less than wall street had potentially estimated for j and j. teva is also in talks to potentially contribute at least $15 billion worth of drugs to the settlement we don't yet know about any cash. >> wait. teva's contributing drugs to a settlement >> potentially ones that could be used to reverse overdose. >> -- >> this is what makes amera great. >> well, actually it's interesting you bring up that point because part of the purdue settlement, which isn't part of this, that company essentially would be turned into a public trust and the sales of its current drugs, including ownershopioid would then -- >> fund the settlement. >> exactly. >> fund your problem with a new drug yeah. >> when the headlines like the does it jeopa

settlement covers drug distributors amerisourcebergen which is down nearly 3%, cardinal health, down 2%, mckesson down 2.66% along with teva pharmaceuticals which happens to be up 8%. this ends lawsuits by two ohio counties, summit and cuyahoga. as we talk about this, the opioid crisis continues to worsen day by day. our next guest plays a crucial role in combatting this crisis. he's the inventor of narcan. it's this life-saving nasal spray that reverses an opioid overdose and has saved countless lives, including that of pop star demi lovato. dr. roger crystal, ceo of opiant pharmaceuticals, is also developing new therapies for this awful situation. first of all, doctor, as ceo of opiant pharmaceuticals, i would like your gut reaction to the settlement of just two of the 2,400 lawsuits. >> the settlement in itself doesn't really give us much information in terms of the amount of money they have been fined. only to say it's a drop in the ocean compared to the overall magnitude of the problem. the overall recognition of our government, whether that's local or federal, that we have auge issue on our

last year i want on the phone with mckesson for hours and even when i got it they wouldn't send it fortd to go they were horrendous now that amgen's getting it into drugstores on top of that they're just scratching the surface with the sore yachtic arthritis drug they bought from celgene because celgene had to sell it according to the government to merge with bristol-myers. speaking of bristol-myers it had a superb quarter too i expect the celgene deal will make them a fortune once it closes in december it still has a nearly 3% yield, sells for 12 times next year's earnings i've been saying by bristol-myers. i'm confident the numbers will be good. more important the acquisition of the undermanaged allergan should be amazing. no, i'm not worried about botox's challengers. i'm excited about its new migraine bill to deal with pounding pain as o'a spokesperson for the american migraine foundation i can tell you the concept of acute care for migraine is a very big deal. there's nothing out there aside from standard painkillers which i regard, frankly, as a joke played on sufferers like me.

settling this the deal settles claims against distributors amerisource bergen cardinal health and mckesson and the israeli opioid manufacture. in a statement the distributor said while the company strongly dispute the allegations made by the 2 counties they believe settling the bell-wether trial is an important stepping stone to achieving a global resolution and delivering meaningful relief to have a declined to comment the pharmacy company walgreens boots alliance did not reach a settlement saying in a statement that the company never manufactured the drugs nor sold them to so-called pill mills the partial settlement by 2 ohio counties came at 1 am cleveland time hours before the start of the 1st federal trial of drug makers and distributors that trial combined thousands of cases brought by local communities across the u.s. against companies blamed for the opioid crisis that has led 240-0000 overdose deaths over 2 decades the settlement with the ohio counties could serve as a benchmark for a larger $48000000000.00 settlement with the drug companies that would end the federal prosecution e

settlement in a lawsuit with 3 drug distributors those are amerisource bergen cardinal health and mckessonand with the israeli opioid maker teven that settlement is worth $260000000.00 for those communities and they were asked whether that is enough the leaders a each of those counties cuyahoga county and summit county in ohio they were asked if that is enough money and they said it might be it might not but they really needed the money to treat people in those communities right away number of people being prosecuted in prison and also undergoing drug rehabilitation in those communities that was part of a larger prosecution in which thousands of cases were consolidated in a cleveland courtroom that's a 1st federal case in the opioid crisis that his killed $400000.00 people over 2 decades now that case keeps continuing to go through the court system it began this week however there is talk of a settlement for $48000000000.00 that would be the largest settlement in the opioid crisis yet. hundreds of cattle and separatist supporters are again out protesting in barcelona they're calling on spa

mckesson and cardinal health, amerisourcebergen, they are the companies. it's a big number, $18 billion over 18 years. this would be, by the way, the first broad-based settlement in this case. there are still thousands of lawsuits out of there. what's interesting about this, it still needs to get the okay of the plaintiffs' lawyers. johnson & johnson may also kick in some money on this deal as well. as we go forward, the sense is to try and find common ground where they can all agree on one solution. this is the first big one, up and down the pharmaceutical supply chain, everyone is being held accountable from drug makers to drug distributors. to the pharmacies themselves. this is the first time we have seen something like this. it's not a done deal, but it's big money, $18 billion over 18 years. stuart: as soon as you get that dollar number, you can focus on it, figure out how to pay for it and the stocks go up. ashley: that's what happened. stuart: check futures. we slipped to a minus 50 points. disappointing numbers on retail sales came out at 8:30 this

mckesson is a large company. they were a big factor in contributing to the opioid crisis.their stock went down $20, $30 and it helped rebuild these communities that they helped destroy, then it is what it is. it's collateral damage. stuart: what about johnson & johnson? they settled with two ohio counties over opioids, they settled for $20 million. is the opioid crisis now off johnson & johnson's back? >> absolutely not. they are appealing the ruling in oklahoma. there are so many more rulings that have to come out there, lawsuits. they are a small part of the opioid, they are going to try to say they were just the manufacturer, not as much the distributor and where the blame is to be placed. it's a major problem. it's probably going to be the most complex litigation we have ever had in the united states. j & j is a smaller part. mckesson, not only are they facing headwinds of the lawsuits, we also see it with drug pricing going lower, no matter who's in office, i think both sides, everyone agrees drug pricing will go lower in the next ten years, five years. if mck chlesso

to these counties it is about $260 million, $250 million in cash from the three big distributors, mckessonamerisource, bergen and cardinal health about $20 million in cash from teva another $25 million the washington post reports in anti-addiction medications, they will contribute here we're waiting to see the exact details that we'll get and bring them to you, no trial happening here today there are a lot lined up potentially later, no dates yet set for what we'll see next federal case in this litigation. back over to you. >> meg, it is david. a couple of quick questions. walgreens doesn't settle, but they don't have to go to court as of now as the only defendant in this current litigation, correct? >> reporter: that's right, david. walgreens, of course, is a pharmacy and they were sort of considered the most ancillary defendant here to the county's municipalities cases the cases really centered around drug companies and then distributors so having walgreens as the soul defendant didn't seem to make sense here. >> i see and then again the global settlement we heard might be close as much