Purdue Pharma Reaches New $7.4 Billion Opioid Crisis Settlement

Purdue Pharma and its owners, the Sackler family, have negotiated a revised $7.4 billion settlement to resolve litigation over OxyContin's role in the opioid epidemic. This agreement follows the Supreme Court's rejection of a previous attempt. It aims to compensate victims and contributes to the ongoing battle against the opioid crisis in the U.S.

Purdue Pharma, along with the Sackler family, have reached a $7.4 billion settlement aimed at resolving thousands of lawsuits accusing the company of exacerbating the opioid crisis through its painkiller, OxyContin. The settlement follows a previous, rejected attempt by the Supreme Court and includes provisions for ongoing legal actions.

The new agreement requires the Sacklers to contribute $6.5 billion, while Purdue will add $900 million. This deal allows those not part of the settlement to still pursue lawsuits against the Sacklers. The plan has been negotiated with 15 states and requires approval from a U.S. bankruptcy judge.

Attorney General William Tong emphasized the settlement's significance beyond financial compensation, noting the opioid crisis's deadly toll. The settlement is part of wider efforts by various pharmaceutical entities, who've agreed to pay $50 billion total to address the epidemic through compensation and initiatives to abate the crisis in the United States.

(With inputs from agencies.)