A criminal sentence for OxyContin maker Purdue Pharma clears the way for finalizing its settlement
Summary
A judge is set to sentence Purdue Pharma to pay $225 million to the Justice Department as part of a deal to settle thousands of lawsuits related to the opioid crisis. The settlement also requires the Sackler family, owners of Purdue Pharma, to pay up to $7 billion over 15 years to help fight the opioid epidemic.Key Facts
- Purdue Pharma admitted guilt in 2020 to three federal criminal charges connected to the opioid crisis.
- The company agreed to pay $225 million to the Justice Department in a criminal forfeiture.
- In exchange, the government agreed not to collect $5.3 billion in additional criminal fines and $2.8 billion in civil liabilities.
- The Sackler family will pay up to $7 billion over 15 years as part of a larger settlement.
- Most settlement money will go to state, local, and Native American governments to combat opioid addiction.
- Purdue Pharma will be replaced by a new company called Knoa Pharma, which will be governed by a board appointed by states and operate for public benefit.
- The settlement also protects the Sackler family from future opioid lawsuits from those who accept the payments.
- Purdue Pharma paid over $1 billion in legal and professional fees related to the case by the end of 2023.
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