Sacklers to pay $6 billion in opioid settlement between Purdue Pharma, US states

OxyContin maker Purdue Pharma reached a settlement today over its role in the nation’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 $6 billion.

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 $10 billion 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 report filed in US Bankruptcy Court in White Plains, New York, still must be approved by a judge.