The Sackler family and Purdue Pharma have agreed to increase their financial contribution to $7.4 billion to resolve mass opioid litigation. The settlement, if approved, would end the costliest corporate bankruptcy resulting from the U.S. opioid crisis. The funds will go to communities across the U.S. to support opioid addiction treatment, prevention, and recovery programs.
Thursday, January 23, 2025 7:02PMThe company and the once-prominent family behind the drug OxyContin agreed Thursday to increase their financial contribution to resolve mass opioid litigation.
The pharmaceutical company introduced OxyContin, a brand name of oxycodone, in the 1990s and filed for chapter 11 bankruptcy in 2019 after the company was sued thousands of times. "Families throughout New York and across the nation are suffering from the immense pain and loss wrought by the opioid crisis," said New York Attorney General Letitia James, whose office helped negotiate the settlement agreement.
The Supreme Court rejected the attempt by the Sacklers to use Purdue Pharma's bankruptcy to shield themselves from liability.
OPIOID CRISIS SACKLER FAMILY PURDUE PHARMA SETTLEMENT BANKRUPTCY
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