"The deal overseen by US bankruptcy judge Sean Lane would require some of the multibillionaire members of the Sackler family who own the company to contribute up to $7bn and give up ownership of the Connecticut-based firm. The new agreement replaces one the US supreme court rejected last year, finding it would have improperly protected members of the family against future lawsuits."
"It could close a long chapter and maybe the entire book on a legal odyssey over efforts to hold the company to account for its role in an opioid crisis connected to 900,000 deaths in the US since 1999, including deaths from heroin and illicit fentanyl, to which people who had become dependent on the powerful prescription painkiller OxyContin turned when their pill supply was restricted or cut off."
A federal bankruptcy judge said he would approve Purdue Pharma's new deal to resolve thousands of lawsuits tied to the opioid epidemic. The agreement requires some Sackler family members to contribute up to $7 billion and relinquish ownership of the Connecticut-based firm. The settlement replaces a prior deal rejected by the US supreme court for improperly protecting family members from future lawsuits. The package is part of roughly $50 billion in opioid settlements involving drugmakers, wholesalers and pharmacies. The opioid crisis has been connected to about 900,000 US deaths since 1999. Purdue filed for bankruptcy six years ago amid sprawling litigation.
Read at www.theguardian.com
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