BREAKING: Judge gives conditional approval to deal with Purdue Pharma on opioid litigation that provides billions of dollars to address crisis.
Under the settlement reached with creditors including individual victims and thousands of state and local governments, the Sackler family will give up ownership of the company and contribute $4.5 billion but will be freed from any future lawsuits over opioids.
The settlement comes nearly two years after the Stamford, Connecticut-based company filed for bankruptcy under the weight of some 3,000 lawsuits from states, local governments, Native American tribes, hospitals, unions and other entities. They accuse Purdue Pharma of fueling the crisis by aggressively pushing sales of its best-selling prescription painkiller.
Washington state Attorney General Bob Ferguson quickly announced he would appeal the plan, calling it inadequate. Most states have sued Purdue, claiming it aggressively marketed OxyContin, contributing to an opioid overdose and addiction epidemic that has been linked to more than 500,000 deaths in the U.S.
They succeeded in boosting the amount the Sacklers would pay from a likely $3 billion to a guaranteed $4.5 billion over a decade.that family members would not accept the agreement unless it protected them from lawsuits. However, lawyers for Purdue and branches of the Sackler family disputed the assumptions used in the projection.
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