Texas Attorney General Ken Paxton announced Thursday that Purdue Pharma and members of the Sackler family are seeking a new deal to resolve thousands of lawsuits alleging that the painkiller OxyContin has sparked a widespread opioid addiction crisis in the United States. announced that they had reached a settlement of $7.4 billion.
The settlement ended the company's previous attempt to resolve the case with a bankruptcy settlement that would have given the Sacklers full civil immunity from opioid lawsuits in exchange for a payout of up to $6 billion before the U.S. Supreme Court. This was announced approximately seven months after the decision was overturned.
The Supreme Court ruled that the Sacklers, who did not file for bankruptcy themselves, were not entitled to legal protections intended to give bankrupt debtors a “fresh start.”
Under the new settlement, the Sacklers will pay $7.4 billion without completely blocking lawsuits by state, local governments and individual victims of the opioid crisis. Those who do not want to participate in the settlement are free to file a lawsuit against the Sacklers, saying they intend to vigorously defend themselves in court.
Connecticut Attorney General William Tong said the settlement will help bring closure to victims of the opioid crisis.
“It's not just about money,” Tong says. “There's not enough money in the world to make it right.”
The latest settlement is aimed at addressing the drug addiction crisis that has caused more than 700,000 opioid overdose deaths in the United States over the past two decades.
Purdue announced Thursday that it is working to incorporate the settlement into its new bankruptcy plan.
“We are very pleased to have reached a new agreement that will provide billions of dollars to compensate victims, alleviate the opioid crisis, and provide lifesaving treatments and overdose rescue drugs,” Purdue said in a statement. I think so.''
In recent years, Purdue has joined forces with a number of drug companies, distributors and distributors who have agreed to collectively pay about $50 billion to settle lawsuits and investigations by state and local governments for fueling the deadly opioid addiction epidemic in the United States. One of the drug dealers and pharmacy managers.
Purdue University filed for bankruptcy in 2019, facing thousands of lawsuits accusing the company and members of the Sackler family of fueling the epidemic through deceptive sales of highly addictive painkillers.
The company pleaded guilty in 2007 and 2020 to charges of misrepresentation and fraud related to the marketing of OxyContin. Members of the Sackler family have denied wrongdoing but have expressed “regret” over OxyContin's role in the opioid crisis.
