Purdue Pharma, the makers of OxyContin, have reached a settlement over its role in the US’s deadly opioid crisis that includes US states and thousands of local governments, with the Sackler family members who own the company boosting their cash contribution to as much as $6bn .
The deal follows an earlier settlement that had been appealed by eight states and the District of Columbia. They agreed to sign on after the Sacklers kicked in more cash and accepted other terms, including apologizing. In exchange, the family would be protected from civil lawsuits.
In all, the plan could be more than $10bn over time. It calls for members of the Sackler family to give up control of the Stamford, Connecticut-based company so it can be turned into a new entity with profits used to fight the crisis.
An apology is something Sackler family members have not unequivocally offered in the past. And victims are to have a forum in court to address Sackler family members – something they have not been able to do in a public setting.
The settlement, in a mediator’s report filed in US bankruptcy court in White Plains, New York, still must be approved by a judge.
“The Sackler families are pleased to have reached a settlement with additional states that will allow very substantial additional resources to reach people and communities in need,” the apology reads.
“The families have consistently affirmed that settlement is by far the best way to help solve a serious and complex public health crisis. While the families have acted lawfully in all respects, they sincerely regret that OxyContin, a prescription medicine that continues to help people suffering from chronic pain, unexpectedly became part of an opioid crisis that has brought grief and loss to far too many families and communities. ”
The new plan was hammered out with attorneys general from the eight states and DC who had opposed the earlier one, arguing that it did not properly hold Sackler family members accountable.
More details soon …