Judge Tentatively OKs Purdue Pharma Deal In Opioid Cases
HuffPost
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. 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 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.
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