States finalize $7.4 billion in opioid settlement with Purdue Pharma – Washington Examiner
A settlement totaling $7.4 billion has been finalized between Purdue Pharma and all 55 U.S. attorneys general, resolving litigation related to the opioid crisis linked to the company’s OxyContin drug. The Sackler family,who own Purdue Pharma,agreed to the terms as part of this settlement,which is said to address their role in worsening the opioid epidemic in the United States. Connecticut Attorney General William Tong remarked on the limitations of justice that could ever be provided to the affected families,deeming the settlement both important and insufficient. The negotiations were led by a coalition of attorneys general from various states,and the settlement stipulates that the Sacklers will pay $6.5 billion over 15 years while Purdue Pharma contributes $900 million. The funds will be allocated to communities to support addiction treatment, prevention efforts, and recovery programs.additionally, the company will face restrictions on it’s marketing and lobbying activities as part of the agreement.
States finalize $7.4 billion in opioid settlement with Purdue Pharma
All 55 attorneys general that represented all eligible states and U.S. territories, agreed to sign on to a $7.4 billion settlement with Purdue Pharma and its owners, the Sackler family.
The once prominent family behind OxyContin agreed to proceed with the settlement, which resolves litigation against the company and family for their role and creating and exacerbating the opioid crisis in the U.S.
“There will never been enough justice, accountability or money to restore the families whose lives have been wrecked or to right the terrible consequences of the Sackler family’s craven misconduct. What we announce today is both momentous and insufficient, the culmination of years of tumultuous negotiations and legal battles all the way up to the U.S. Supreme Court,” Connecticut Attorney General William Tong said in a statement Monday.
In a bipartisan effort, attorneys general from California, Colorado, Connecticut, Delaware, Florida, Illinois, Massachusetts, New York, Oregon, Pennsylvania, Tennessee, Texas, Vermont, Virginia, and West Virginia led negotiations on the settlement.
West Virginia Attorney General JB McCuskey said the state will receive up to $53 million over the course of nine years, which is an accelerated timeline compared to 15 years for most states. McCuskey noted this was due to the disproportionate impact the opioid crisis had on West Virginia.
“The Sacklers aggressively marketed their drugs to communities like ours, without a care in the world about the lives they were destroying, only focused on their bottom line,” McCuskey said in the news release. “The settlement holds the Sacklers and Purdue Pharma accountable for the pain they’ve caused our state and our country. Now, hopefully, we can start to recover and turn the page on the opioid crisis.”
The Supreme Court had rejected Purdue Pharma’s proposed $6 billion bankruptcy settlement last year, ruling that U.S. bankruptcy law did not permit the Sackler family to be freed of additional liability.
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Per the agreement, the Sacklers will pay out $6.5 billion over the next 15 years, and Purdue will pay $900 million. The funds are set to be distributed to communities across the country to support efforts towards addiction treatment, prevention, and recovery.
The company’s future lobbying and marketing efforts will also be limited and monitored under the agreement.
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