The Sackler Family is Contributing $4.3B to Settle 3,000 Opioid Lawsuits Against Purdue Pharma
NEW YORK, March 11 (Reuters) – Members of the Sackler family who own Purdue Pharma LP have offered roughly $4.3 billion to resolve sprawling opioid litigation, up from $3 billion initially proposed in settlement discussions underway in the OxyContin maker’s bankruptcy proceedings, four people familiar with the matter said.
Sackler family members are now willing to contribute $4.275 billion to help settle about 3,000 lawsuits brought by U.S. communities seeking to hold them and Purdue responsible for damage wrought by the opioid epidemic, the sources said.
Purdue and representatives for the Sacklers declined to comment or did not immediately respond to requests.
Details of a far-reaching settlement could be outlined in a Purdue reorganization plan filed in a U.S. bankruptcy court next week. Purdue filed for bankruptcy in 2019 facing an onslaught of opioid litigation. In November, the Stamford, Connecticut-based company pleaded guilty to three felonies arising from its marketing of prescription opioid painkillers.
