Purdue Pharma reached a nationwide settlement over the role that it played in the opioid crisis.
The Sackler family members who own Purdue Pharma boosted their cash contribution to as much as $6 billion in a deal aimed to restrict the flood of lawsuits coming up against the company.
Purdue Pharma, based in Stamford, Connecticut, is the maker of OxyContin. The signature painkiller can easily be manipulated to produce quick highs. Purdue Pharma promoted the use of OxyContin for a wide range of pain issues, for which doctors had previously not prescribed opioids.
This new deal comes following a previous settlement that had been appealed by eight states as well as the District of Columbia. They said they would agree to the settlement if the Sacklers added more cash to the settlement, and accepted other terms.
The Sackler family is now protected from civil lawsuits. They will not, however, be shielded from criminal charges. That being said, there is no indication that any criminal charges are forthcoming.
The plan could be worth more than $10 billion over time. The settlement calls for Sackler family members to relinquish their control of the company so that it can be changed into a new entity that uses profits to fight the opioid crisis.
The Sackler family has not gone as far to actually unequivocally apologize. They have issued a statement of regret of the toll that Oxy has had nationwide. The statement of regret said that the family regrets Oxy “unexpectedly became part of an opioid crisis”.
Victims under the settlement are to have a forum in court. It will take place by videoconference on March 9, and in it, they can address some of the Sackler family members. This has never happened before in a public setting.
The settlement is currently outlined in a report filing and must be approved by the judge.
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