Purdue Pharma, Sackler Family $7.4B Opioid Settlement

Purdue Pharma and its owners, the Sackler family, have reached a new settlement agreement to pay up to $7.4 billion to resolve thousands of lawsuits related to the opioid crisis. This deal, announced by United States — New York (state) Attorney General Letitia James, represents an increase of over $1 billion from a previous settlement rejected by the United States — Supreme Court of the United States. Under the new terms, the Sackler family will contribute up to $6.5 billion over 15 years and relinquish ownership of Purdue Pharma, which will transform into a new entity with a state-appointed board. Purdue Pharma itself will pay $900 million. Unlike the prior agreement, this settlement does not grant the Sackler family blanket immunity from civil lawsuits, though it protects them from entities that agree to the settlement. The funds are intended to compensate victims and support opioid addiction treatment and prevention programs across the United States. The opioid crisis, largely attributed to the marketing of Oxycodone by Purdue Pharma, has led to hundreds of thousands of deaths since 1996.