Purdue Pharma, the company behind the powerful prescription painkiller OxyContin, has submitted a new plan to a bankruptcy judge to settle thousands of lawsuits related to the opioid crisis. The proposed deal involves members of the Sackler family, who own the company, paying up to $7 billion as part of the settlement.
This latest development marks a significant milestone in a legal saga that has been ongoing for more than five years. The Sackler family, estimated to be worth about $11 billion, would not only give up ownership of Purdue Pharma but also contribute money over a 15-year period, with the largest payment upfront.
In addition to relinquishing control of the company, family members have already resigned from Purdue’s board, stopped receiving money from the company, and ended any other involvement prior to the company filing for bankruptcy protection in 2019. This move came as Purdue faced lawsuits from numerous state and local governments, among others.
Under the proposed settlement, a new entity would be established and overseen by a board appointed by state governments. The primary objective of this entity would be to address the opioid crisis, which has been linked to hundreds of thousands of deaths in the U.S. since the introduction of OxyContin in 1996.
The settlement plan, which was the result of months of mediation involving various groups that sued Purdue, has garnered support from nearly all parties involved. However, final approval is expected to take several more months.
Notably, a previous version of the settlement plan was rejected by the U.S. Supreme Court last year because it shielded Sackler family members from civil lawsuits, even though they had not filed for bankruptcy themselves. The new version requires plaintiffs to opt in to receive full shares of the settlement. If they choose not to participate, they retain the option to sue Sackler family members.
The Sacklers have faced widespread criticism and backlash for their role in Purdue Pharma and the opioid crisis. Their name has been removed from art galleries and universities globally, although they continue to deny any wrongdoing.
If finalized, Purdue’s settlement would be one of the largest among opioid-related lawsuits, with other drugmakers, distribution companies, and pharmacy chains already reaching settlements totaling about $50 billion. The majority of these funds are earmarked for combating the opioid crisis.
Purdue’s settlement also includes direct financial assistance for victims, potentially exceeding $850 million in total. While the deadline to apply for these funds has passed, individuals and families affected by addiction may still benefit from the settlement.
Furthermore, Purdue has committed to making millions of documents public and has been producing a low-cost version of naloxone, a drug used to reverse opioid overdoses.
Overall, the proposed settlement represents a significant step towards addressing the devastating impact of the opioid crisis in the United States. The rise of digital technology has revolutionized the way we live, work, and communicate. From smartphones to social media platforms, the digital age has brought about unprecedented changes in almost every aspect of our lives. One of the most significant impacts of this digital revolution can be seen in the way we consume and interact with information.
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