Summary
A bankruptcy judge approved a $7.4 billion settlement involving Purdue Pharma and its owners, the Sackler family, for their part in the opioid crisis in the United States. The deal requires the Sacklers to give up company ownership, and a nonprofit will replace Purdue Pharma to focus on addressing the opioid crisis. The settlement aims to provide funds for opioid addiction treatment and prevention programs.
Key Facts
- A judge approved a $7.4 billion settlement for Purdue Pharma and the Sackler family.
- The settlement deals with the company's role in the U.S. opioid crisis and aims to provide funds for addiction treatment and prevention.
- Purdue Pharma filed for bankruptcy in 2019, facing lawsuits claiming it contributed to the opioid epidemic.
- The Sacklers must give up ownership of the company under this deal.
- A nonprofit named Knoa Pharma will take over Purdue's role with a focus on the opioid crisis.
- The U.S. Supreme Court had rejected a prior deal offering the Sacklers protection from future lawsuits.
- Individuals and government groups mostly support the deal, which will fund local and state opioid recovery efforts.
- Purdue admitted to criminal charges in a 2020 case but still faced other lawsuits leading to this settlement.
