Mallinckrodt Provides Update on Proposed Global Opioid Settlement

Mallinckrodt announced New York State Attorney General Letitia James has joined 47 other state and U.S. Territory Attorneys General in supporting the previously announced proposed global opioid settlement with Mallinckrodt and related entities.

As announced on February 25, 2020, the Company and its specialty generics-focused subsidiaries Mallinckrodt LLC, SpecGx LLC and certain other affiliates (collectively, "Specialty Generics") have reached an agreement in principle on the terms of a global settlement that would resolve all opioid-related claims against the Company, Specialty Generics, and the Company's other subsidiaries. The agreement in principle was reached with a court-appointed plaintiffs' executive committee representing the interests of thousands of plaintiffs in the opioid multidistrict litigation1 and, with the addition of the New York State Attorney General, is supported by a broad-based group of 48 state and U.S. Territory Attorneys General.

In connection with New York State's support of the proposed settlement, on March 9, 2020, the State of New York and Suffolk County, together with Mallinckrodt LLC and SpecGx LLC, jointly filed a motion to sever, or remove, Mallinckrodt LLC and SpecGx LLC from the New York State opioid trial, which, as of March 10, 2020, has been postponed indefinitely due to the coronavirus.  Nassau County opposed the motion. The motion to sever Mallinckrodt LLC and SpecGx LLC from the New York State trial is currently pending before the Supreme Court of New York, County of Suffolk.

"We are pleased that New York State has joined the already 47 states and territories in supporting Mallinckrodt's proposed global opioid settlement, and view their support as an important step toward completing the settlement. We remain committed to satisfying the terms of the agreement in principle and continuing to work toward achieving that objective," Mark Casey, Executive Vice President and Chief Legal Officer of Mallinckrodt said.

A copy of the term sheet outlining the terms of the proposed settlement, including the conditions to the effectiveness of the settlement, was filed as an exhibit to a Current Report on Form 8-K Mallinckrodt filed with the U.S. Securities and Exchange Commission on February 25, 2020.

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