Purdue Pharma's $7B opioid settlement plan could get votes from victims and cities
Share this @internewscast.com

Purdue Pharma, the maker of OxyContin, has proposed a settlement plan valued at over $7 billion to resolve thousands of lawsuits related to the opioid crisis. This plan will be presented before a judge on Friday, which could pave the way for various groups—including local governments and individuals affected by addiction—to vote on its acceptance.

This month saw 49 states agreeing to the proposal. The lone exception is Oklahoma, which has already reached a separate settlement with the company.

The decision on whether to proceed with the nationwide settlement could be made by U.S. Bankruptcy Court Judge Sean Lane as early as Friday. The proposal is the result of extensive negotiations among the company, various suing parties, and representatives of the Sackler family, who own Purdue Pharma.

If Lane moves the plan forward as it’s been presented, government entities, emergency room doctors, insurers, families of children born into withdrawal from the powerful prescription painkiller, individual victims and their families and others would have until Sept. 30 to vote on whether to accept the deal.

The settlement is a way to avoid trials with claims from states alone that total more than $2 trillion in damages.

If approved, the settlement would be among the largest in a wave of lawsuits over the past decade as governments and others sought to hold drugmakers, wholesalers and pharmacies accountable for the opioid epidemic that started rising in the years after OxyContin hit the market in 1996. The other settlements together are worth about $50 billion, and most of the money is to be used to combat the crisis.

In the early 2000s, most opioid deaths were linked to prescription drugs, including OxyContin. Since then, heroin and then illicitly produced fentanyl became the biggest killers. In some years, the class of drugs was linked to more than 80,000 deaths, but that number dropped sharply last year.

Last year, the U.S. Supreme Court rejected a version of Purdue’s proposed settlement. The court found it was improper to protect members of the Sackler family from lawsuits over opioids, even though they themselves were not filing for bankruptcy protection.

In the new version, groups that don’t opt in to the settlement would still have the right to sue members of the wealthy family whose name once adorned museum galleries around the world and programs at several prestigious U.S. universities.

Under the plan, the Sackler family members would give up ownership of Purdue. They resigned from the company’s board and stopped receiving distributions from its funds before the company’s initial bankruptcy filing in 2019. The remaining entity would get a new name and its profits would be dedicated to battling the epidemic.

Most of the money would go to state and local governments to address the nation’s addiction and overdose crisis, but potentially more than $850 million would go directly to individual victims. That makes it different from the other major settlements.

The payments would not begin until after a hearing, likely in November, during which Judge Lane would be asked to approve the entire plan if enough of the affected parties agree.

Share this @internewscast.com
You May Also Like
Machete-wielding suspect claiming to be 'Lucifer' shot by police after allegedly stabbing 3 at transit hub

Shocking Attack: ‘Lucifer’ Impersonator with Machete Shot by Police After Triple Stabbing at Transit Hub

In a dramatic encounter at Grand Central Terminal, a New York Police…
Pope Leo calls out 'delusion of omnipotence' fueling Iran war in vigil for peace at St. Peter's Basilica

Pope Leo Condemns ‘Illusion of Power’ Behind Iran Conflict During St. Peter’s Peace Vigil

Pope Leo delivered a poignant message during a Saturday vigil for peace,…
U.S. Navy Levels Up: New Robot Swarms Tackle Maintenance Crisis

U.S. Navy Destroyers Launch Strategic Mine-Clearing Operation in Vital Strait of Hormuz

It has become increasingly clear that the Strait of Hormuz will never…
Detectives who stopped Grand Central slasher were working OT — which is becoming rarer in NYPD

Heroic NYPD Detectives on Rare Overtime Shift Halt Grand Central Slasher

On Saturday, NYPD detectives, working overtime as part of a crime-fighting initiative,…
Radical DSA honcho behind Zo's rise is ... a mime

Influential DSA Leader Behind Zo’s Ascendancy Revealed to Have a Background in Mime

Finding the right words can sometimes be a challenge, especially when describing…
Woman confessed to murdering mother, stepfather and dumping bodies in a ravine

Woman Admits to Killing Parents and Disposing of Bodies in Ravine

A woman from Texas is accused of confessing to the murder of…
Orthodox Easter truce obliterated as Ukraine and Russia both allege violations

Ceasefire Shattered: Ukraine and Russia Accuse Each Other of Violating Orthodox Easter Truce

What was intended as a brief pause in hostilities for Orthodox Easter…
Husband of American woman missing in Bahamas should 'tell the truth' about boating incident, his stepmom says

Stepmom Urges Truth from Husband in Disappearance of American Woman in Bahamas Boating Mystery

Brian Hooker’s stepmother has implored him to “come clean” regarding the mysterious…
Murder suspect on ICE hold accused of luring teen into death trap where victim’s final plea went unheard

Community Outcry Intensifies Over Alleged Teen Execution by Illegal Immigrant Amid ‘Invasion’ Claims

The tragic death of a 15-year-old boy in Missouri, who pleaded for…
NY man gives up the fight for his 12-foot emotional support pet alligator

New York Resident Reluctantly Parts with Beloved 12-Foot Emotional Support Alligator

It seems the fierce struggle against the scales of justice has come…
Self-proclaimed ‘prophet’ with underage ‘wives’ exposed after couple he trusted helped uncover abuse ring

Couple Unveils Disturbing Abuse Ring Led by Self-Declared ‘Prophet’ with Underage ‘Wives

In a chilling saga, a man claiming to be a prophet, with…
Coachella horror as massive light fixture rains down on fans mid-concert: ‘Blood all over’

Shocking Coachella Incident: Massive Light Fixture Collapses on Fans, Resulting in Chaos and Injuries

A night of vibrant music and electrifying performances at Coachella took a…