Summary
A federal judge approved Purdue Pharma's plan to settle lawsuits related to the opioid crisis, agreeing that the Sackler family will pay up to $7 billion over 15 years. Most of this money will go to governments and individuals affected by the crisis. The settlement allows future lawsuits against the Sacklers if people or groups choose not to join the settlement.
Key Facts
- A federal judge approved a settlement plan for Purdue Pharma regarding opioid lawsuits.
- The Sackler family, owners of Purdue, agreed to contribute up to $7 billion over 15 years.
- Most of the funds will go to government entities to help fight the opioid crisis.
- $850 million of the settlement is earmarked for individual victims, including children born with opioid withdrawal.
- Purdue Pharma will be replaced by a new company, Knoa Pharma, with a mission to benefit the public.
- Sackler family members will give up ownership of Purdue and are not allowed to have their name on institutions in exchange for donations.
- Purdue filed for bankruptcy protection in 2019 due to numerous opioid-related lawsuits.
- The new settlement plan allows lawsuits against Sackler family members by those who do not opt into the deal.
