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.
A federal bankruptcy judge on Wednesday conditionally approved a sweeping, potentially $10 billion plan submitted by OxyContin maker Purdue Pharma to settle a mountain of lawsuits over its role in the opioid crisis that has killed a half-million Americans over the past two decades.
The drugmaker will be reorganized into a new company with a board appointed by public officials and will funnel its profits into government-led efforts to prevent and treat opioid addiction. U.S. Bankruptcy Judge Robert Drain said Wednesday he would approve the plan as long as two technical changes were made. He said before his ruling that while he does not have “fondness for the Sacklers or sympathy for them,” collecting money from them through litigation would be complicated.
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Judge conditionally approves Purdue Pharma opioid settlementUnder the settlement, the Sackler family will give up company ownership and contribute $4.5 billion and will be shielded from any future opioid lawsuits.
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Judge conditionally approves Purdue Pharma opioid settlementA federal bankruptcy judge on Wednesday gave conditional approval to a sweeping, potentially $10 billion plan submitted by OxyContin maker Purdue Pharma to settle a mountain of lawsuits over its role in the opioid crisis that has killed a half-million Americans over the past two decades.
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