The Sackler family will reportedly give up their ownership of the company as part of the $10-12 billion settlement
that a potential settlement was discussed at a meeting in Cleveland last week, in which Purdue would pay out $10-12 billion to settle the more than 2,000 lawsuits they currently face. The lawsuits, which have been brought by countless cities, states, and other plaintiffs, blame the company for creating and sustaining the opioid crisis, and some hold the Sackler family personally liable for their role in the company’s efforts.
Per NBC News, the settlement would involve Purdue filing for Chapter 11 bankruptcy and restructuring itself into a for-profit “public benefit trust.” The trust’s value would include $4 billion in drugs provided to cities, states, and counties, which would also receive any profits from the sale of Purdue’s drugs. As part of the settlement, the Sackler family would give up their ownership of the company and pay at least $3 billion to the plaintiffs themselves.
In a statement to NBC, Purdue painted the settlement as a way to find an immediate solution to their ongoing legal morass. “While Purdue Pharma is prepared to defend itself vigorously in the opioid litigation, the company has made clear that it sees little good coming from years of wasteful litigation and appeals,” the company said. “The people and communities affected by the opioid crisis need help now.
Purdue is one of many pharmaceutical companies being blamed for their role in the opioid epidemic, which the Centers for Disease Control and Prevention says claimed more than 400,000 lives between 1997 and 2017. On Monday, Johnson & Johnson wasto pay the state of Oklahoma $572 million for its role in the crisis, after the state previously received $270 million and $85 million from Purdue and Teva Pharmaceuticals, respectively.
in an interview that it was “heartbreaking” for those in the family “to be attacked personally for this.” “We have so much empathy,” Sackler, who reportedly represented the Sackler family in the Cleveland meeting, said in June. “I’m sorry we didn’t start with that. We feel absolutely terrible. Facts will show we didn’t cause the crisis, but we want to help.”
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