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Purdue Pharma Reaches Deal for Their Hand in the Opioid Crisis

Purdue Pharma Reaches Deal for Their Hand in the Opioid Crisis

OxyContin maker Purdue Pharma and the family that owns it has secured support from 23 states and thousands of local governments for a multibillion-dollar deal, to settle much of the opioid litigation it faces. The organization is offering $10 billion to $12 billion to resolve over 2,000 lawsuits alleging that the company played a role in causing and sustaining the opioid crisis. In the outlined plan, the Sackler family would relinquish control of the company and resurrect it as a trust. The trust could then be used for cities, counties and states hardest hit by the epidemic.

While a step in the right direction, some believe that this is still not enough for Purdue’s hand in the opioid crisis. Adam J. Levitin, a Georgetown Law School professor who studies bankruptcy stated, “People are going to be mad that the Sacklers aren’t going to jail, that they will have money left.”

Additional info: NBC News; The Washington Post; WSJ