Purdue offers up to $12b to settle opioid claims

 

On Tuesday, August 27th, NBC News reported that Purdue Pharma, owned by the Sackler family, is offering plaintiffs in more than 2000 cases up to $12 billion to settle those claims. Two unnamed people familiar with negotiations that took place in Cleveland on August 20 said the potential deal has been discussed by lawyers representing Purdue and at least 10 state attorneys general. David Sackler represented the family at the meetings, NBC News said.

The new settlement would include a plan for Purdue to declare Chapter 11 bankruptcy and then reform as a for-profit “public benefit trust,” according to the purported deal, NBC News said. Included in the deal would be $4 billion in drugs, including medicines used to help people fight overdose and addiction. In addition, all future profits from OxyContin and a soon-to-be-approved overdose rescue drug, Nalmefene, would go to the cities and states if they approve the deal, NBC News said. The new trust would be overseen by independent, court-appointed “well-recognized experts” as trustees, who would in turn appoint a board of directors. The trust would exist for at least 10 years. The Sacklers would give up ownership of Purdue, 2 people familiar with the deal told NBC News. The Sacklers themselves as a family would put another $3 billion into the settlement fund.

 

The NBC news article

More about the Sackler family and Oxycontin

 

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