Benzinga | Feb 3, 2021 04:33PM EST

Assertio Announces $5M Insurance Settlement With Navigators

LAKE FOREST, Ill., Feb. 03, 2021 (GLOBE NEWSWIRE) -- Assertio Holdings, Inc. ("Assertio" or the "Company") (NASDAQ:ASRT) today announced that its subsidiary Assertio Therapeutics, Inc. ("Assertio Therapeutics") entered into a Confidential Settlement Agreement and Mutual Release (the "Settlement Agreement") with its primary product liability insurer, Navigators Specialty Insurance Company and Navigators Insurance Company ("Navigators").



The Settlement Agreement resolves the previously disclosed declaratory judgment action that Navigators filed in 2019, and Assertio Therapeutics' related counterclaims, stemming from a dispute as to whether the opioid lawsuits brought against Assertio Therapeutics beginning in May 2018 are covered under its life sciences liability policies with Navigators.

Pursuant to the Settlement Agreement, Navigators has agreed to pay $5.0 million of its $10.0 million primary policy to Assertio Therapeutics by February 17, 2021.