Purdue Pharma $7.4B Opioid Settlement

Purdue Pharma has secured support from the attorneys general of 55 U.S. states and territories for a $7.4 billion settlement to resolve thousands of opioid lawsuits. This agreement, which includes approximately $6.5 billion from the Sackler family and $900 million from Purdue Pharma, is a critical step towards court approval for Purdue Pharma's Chapter 11 bankruptcy reorganization. The settlement aims to address claims that the drugmaker's pain medication, Oxycodone, fueled a nationwide opioid addiction crisis. As part of the agreement, the Sackler family will cede control of Purdue Pharma and be barred from selling opioids in the United States. Funds will be distributed to individuals, state and local governments, and Native American tribes to support addiction treatment, prevention, and recovery programs. This development follows the U.S. Supreme Court's rejection of an earlier settlement that would have granted the Sackler family broad immunity from civil lawsuits. United States — Oklahoma City is not part of this new agreement, having reached a separate settlement in 2019.