Judge formally approves Purdue Pharma $7B opioid settlement

Wooden judges gavel on wooden table, close up
Approved: A judge formally approved a $7 billion settlement between Purdue Pharma and people with addiction, states, counties and Native American tribes (Africa Studio - stock.adobe.com)

A judge on Tuesday formally approved a $7 billion settlement between the maker of OxyContin and people with addiction, states, counties and Native American tribes. There have been thousands of lawsuits filed.

Purdue Pharma was sued for its role in the opioid crisis that has killed more than 900,000 people in the U.S. since 1999, according to The Associated Press.

The deal requires the Sackler family, owner of Purdue Pharma, to give up to $7 billion over 15 years and relinquish ownership of the drugmaker.

Most of the money will go to government entities to fight the opioid crisis.

The new agreement replaces one the U.S. Supreme Court rejected last year, finding it would have improperly protected members of the family against future lawsuits.

The company will also give its assets to Knoa Pharma, a public benefit company that will develop and distribute opioid overdose reversal and addiction medications.

The deal, which U.S. Bankruptcy Judge Sean Lane said he would accept last week, is among the largest in a series of opioid settlements brought by state and local governments against drugmakers, wholesalers and pharmacies that totaled approximately $50 billion.

0
Comments on this article
0
On Air680AM 104.9FM KKYX - Country Legends Logo

mobile apps

Everything you love about kkyx.com and more! Tap on any of the buttons below to download our app.

amazon alexa

Enable our Skill today to listen live at home on your Alexa Devices!