A judge said he’ll approve an opioid settlement with OxyContin maker Purdue Pharma and the Sackler family
A federal bankruptcy court judge on Friday said he will approve OxyContin-maker Purdue Pharma’s latest deal to settle thousands of lawsuits over the toll of opioids that includes some money for thousands of victims of the epidemic
NEW YORK — A federal bankruptcy court judge on Friday said he will approve OxyContin-maker Purdue Pharma’s latest deal to settle thousands of lawsuits over the toll of opioids that includes some money for thousands of victims of the epidemic.
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The deal overseen by U.S. Bankruptcy Judge Sean Lane would require members of the Sackler family who own the company to contribute up to $7 billion and give up ownership. 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 judge said he would explain his decision in a hearing on Tuesday.
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The deal is among the largest in a series of opioid settlements brought by state and local governments against drugmakers, wholesalers and pharmacies that totaled about $50 billion. Lawyers and judges involved have described it as one of the most complicated bankruptcies in U.S. history.