Opioid Settlement: Sacklers Pay $7B, Purdue Renamed

On November 14th, a significant legal chapter in the opioid crisis may close as lawyers urge a bankruptcy court judge to approve a settlement plan for Purdue Pharma, the Sackler family, and various government entities. This plan aims to resolve thousands of lawsuits against the company, known for making OxyContin. The proposed settlement comes after six years of bankruptcy proceedings and faces less opposition than previous deals. If approved, it would be one of the largest opioid settlements, with the Sackler family paying up to seven billion dollars and giving up ownership of Purdue Pharma. The company would be renamed, and its future profits would combat the opioid crisis. Certain Sackler family members would also be barred from involvement in international opioid companies and their names removed from associated institutions. DNN | The Daily News Now! The world’s first global local news network. Every city. Every story. AI powered. Hosted on Acast. See acast.com/privacy for more information.