Summary
A federal judge will approve a new settlement deal for Purdue Pharma to address thousands of lawsuits about its role in the opioid crisis. The deal includes contributions from the Sackler family, who own the company, to provide up to $7 billion and relinquish their ownership of Purdue Pharma. This settlement aims to resolve ongoing legal issues related to Purdue Pharma's involvement in the opioid epidemic in the United States.
Key Facts
- A federal bankruptcy judge plans to approve Purdue Pharma's settlement plan.
- The settlement involves the Sackler family providing up to $7 billion and giving up ownership of Purdue.
- A previous settlement plan was rejected by the U.S. Supreme Court because it unfairly protected the Sackler family from future lawsuits.
- The settlement is part of broader efforts by governments to address the opioid crisis, with total settlements reaching around $50 billion from various companies.
- The settlement process is described as one of the most complex bankruptcies in U.S. history.
- Most parties involved in the lawsuits, including various governments and victims, support the new settlement plan.
- Out of over 54,000 personal injury victims who voted, only 218 opposed the plan.
- The new agreement allows entities not opting in to the settlement to still sue the Sackler family.
