Purdue Pharma Settlement: $7.4 Billion Opioid Deal
- Purdue pharma, the maker of Oxycontin, has secured approval from all 50 states, the District of Columbia, and U.S.
- The settlement plan, filed in march with a federal bankruptcy court, outlines payouts over 15 years, pending finalization.
- New York Attorney General Letitia James stated the agreement will "hold the Sackler family accountable" for their alleged role in the opioid crisis.
purdue Pharma, the maker of Oxycontin, is facing a significant settlement.all 50 states and U.S. territories approved a $7.4 billion deal addressing the company’s opioid marketing practices. The settlement, pending finalization, will see payouts spanning 15 years. The primary_keyword here is “opioid settlement,” while the secondary_keyword is “Purdue Pharma.” New York’s Attorney General aims to hold the Sackler family accountable for their role in the opioid crisis. This agreement may also change how creditors can sue the Sacklers individually. News Directory 3 is closely monitoring this case. with the DOJ’s and the courts’ review of the settlement currently underway, what will be the final outcome? Discover what’s next …
Purdue Pharma Opioid Settlement: $7.4B Deal Approved
Purdue pharma, the maker of Oxycontin, has secured approval from all 50 states, the District of Columbia, and U.S. territories for a $7.4 billion settlement addressing the company’s opioid marketing practices.
The settlement plan, filed in march with a federal bankruptcy court, outlines payouts over 15 years, pending finalization.
New York Attorney General Letitia James stated the agreement will “hold the Sackler family accountable” for their alleged role in the opioid crisis.
Grace Bisch hold a picture of stepson Eddie Bisch who died as a result of an overdose on outside of the U.S. Supreme Court on December 4,2023 in Washington,D.C.The Supreme Court overturned a previous version of the Purdue Pharma-Sackler bankruptcy plan, leading to a new deal now under review.
The Washington Post/The Washington Post via Getty Im/The Washington Post
hide caption
toggle caption
The Washington Post/The Washington Post via Getty Im/The Washington Post
Under the agreement, the Sackler family, who own Purdue Pharma, will contribute up to $7 billion. A key change from prior settlement attempts is that creditors retain the right to sue the Sacklers individually if they opt out of releases within the plan, according to Purdue Pharma.
The Sacklers have consistently denied any wrongdoing. NPR’s request for comment from the Sackler family has not yet been answered.
Attorneys involved in suing Purdue Pharma and the Sacklers jointly praised the settlement, stating that all 55 eligible states and territories have unanimously agreed to it. The National Prescription Opiate Litigation Plaintiffs’ Executive Committee said the deal would provide “more than $7 billion in much-needed funds” for communities recovering from the opioid crisis.
A federal bankruptcy court must approve this settlement. Experts suggest that the current version is likely to gain approval from both the courts and the U.S. Justice Department (DOJ).
the DOJ’s bankruptcy watchdog previously challenged earlier settlement proposals, leading to the U.S. Supreme Court overturning a prior bankruptcy agreement with Purdue Pharma and the Sacklers in July 2024.
If finalized, this Purdue Pharma opioid settlement will add to the more than $50 billion in payouts by corporations involved in the manufacture, distribution, and retail of opioid painkillers during a period of escalating overdoses and drug deaths in the U.S.