A new settlement has been reached on lawsuits against Oxycontin maker Purdue Pharma and the Sackler family that owns it, seven months after the Supreme Court rejected a $6 billion deal. The $7.4 billion settlement, which needs court approval, will resolve thousands of lawsuits that accuse the company of causing the opioid addiction crisis, Reuters reports. Under the new settlement, the Sackler family will pay $6.5 billion and give up ownership of the company, the AP reports. Purdue, which filed for bankruptcy in 2019, will pay almost $900 million. Most of the settlement will go toward efforts to treat and prevent opioid addictions.
Some 15 states states were on the negotiating team, including California, Connecticut, New York, and Texas. "This story is about a family of cruel billionaires who believed they were above the law, pursued by states who never backed down," Connecticut Attorney General William Tong said in a statement. "Today, we are forcing Purdue Pharma and the Sackler family to pay $7.4 billion for their role in igniting one of the most devastating public health crises in American history." The deal has yet to be approved by other states, local governments, Native American tribes, and thousands of other claimants.
The previous settlement was rejected after the Sacklers insisted on being shielded from future civil lawsuits over OxyContin. Under the new settlement, they are only protected from future lawsuits from claimants that agree to the deal. The New York Times reports that the new settlement includes an unusual catch—claimants will have to set money aside "in an account akin to a legal-defense fund" for the Sacklers to fight future lawsuits. The New York attorney general's office said the fund could be up to $800 million, the AP reports. (More Purdue Pharma stories.)
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