Johnson & Johnson to pay $230 million to settle an opioid case: What you need to know

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1. Johnson & Johnson will pay the state of New York more than $230 million to settle claims of the opioid addiction crisis.

2. It will also stay out of the opioid business in the United States out of the settlement.

3. The settlement comes at a time when the opioid industry is facing over 3000 lawsuits across the nation. The payment removes the company from a trial due to begin on Tuesday.

4. In a statement, Johnson & Johnson said the settlement was not an admission of liability or wrongdoing and that "the company's actions relating to the marketing and promotion of important prescription pain medications were appropriate and responsible"

5. The company will also pay an additional $33 million as reimbursement for New York's attorney fees and costs. The payments will be made over nine years.