Purdue Pharma Opioid Settlement Advances

Purdue Pharma, the maker of OxyContin, has reached a new settlement plan for thousands of lawsuits related to the opioid crisis. The plan, agreed upon by all 50 U.S. states (except United States — Oklahoma City which settled separately), involves the Sackler family, who own Purdue Pharma, paying up to $7 billion over 15 years. Under the agreement, the Sackler family will also give up ownership of Purdue Pharma, and the company's future profits will be dedicated to combating the opioid epidemic. U.S. Bankruptcy Court Judge Sean Lane is clearing the way for local governments and individual victims to vote on the settlement by September 30. This new plan addresses concerns raised by the United States — Supreme Court of the United States, which previously rejected a version that would have protected the Sackler family from lawsuits. The settlement is expected to be one of the largest in a wave of lawsuits against drugmakers, wholesalers, and pharmacies for their role in the opioid epidemic, with most of the money going to state and local governments and potentially over $850 million directly to individual victims.