Purdue Pharma tentatively settles thousands of opioid cases
Purdue Pharma and its owners, members of the Sackler family, have tentatively reached the first comprehensive settlement with lawyers representing thousands of municipal governments, tribes and states nationwide that are suing the pharmaceutical industry for the devastation resulting from the opioid epidemic.
The company is expected to file for Chapter 11 bankruptcy imminently. The settlement, which was described by two people involved in the negotiations, involves the dissolution of Purdue Pharma as it now exists, the formation of a new company that will continue to sell its signature opioid, OxyContin, with the proceeds going to a public beneficiary company that will pay the plaintiffs. Purdue Pharma also will donate “rescue” drugs, several of which are in development, for addiction treatment and overdose reversal.
The Sackler family will pay $3 billion in cash over seven years.
The settlement does not include a statement of wrongdoing.
https://www.msn.com/en-us/money/companies/purdue-pharma-tentatively-settles-thousands-of-opioid-cases/ar-AAH9ojF
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