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
Jennifer Aniston gets back massage from Jim Curtis on yacht

Jennifer Aniston Enjoys a Relaxing Yacht Massage from Jim Curtis

That escalated quickly. Jennifer Aniston was recently seen receiving a massage and…
This 21-year-old NJ resident was crowned Leonardo DiCaprio doppelgänger

New Jersey 21-Year-Old Crowned Leonardo DiCaprio Lookalike

He’s been crowned Dicaprio’s doppelgänger. It was Leos galore in New Jersey…
Ayatollah Ali Khamenei at a mourning ceremony.

Iran’s Elderly and Fearful Ayatollah’s Grip Weakens – Former Ambassador Predicts Imminent Collapse

IRAN’S merciless regime is “fully on its heels” – leaving the Ayatollah’s…
High-rise building engulfed in smoke and fire.

17-Storey Towerblock Engulfed in Flames, Sending Massive Smoke Plumes Skyward as 70 Firefighters Battle the Blaze

A WOMAN has been rushed to hospital and others treated at the…
Union says farm worker died after ICE raid that uncovered underage laborers

Union Reports Farm Worker Dies After ICE Raid Revealing Child Labor

On Friday, union officials reported that a farmworker had died following injuries…

Eyewitness to Idaho Tragedy: Missteps, Misunderstandings, and the Unveiling of the Real Culprit

EDGING open the door to the student digs, Hunter Johnson felt something…
Jacksonville protest against Camp Blanding detention facility

Jacksonville Demonstration Opposes Detention Center at Camp Blanding

Advocates in Northeast Florida are protesting Gov. DeSantis’s plan to turn Camp…
Autopsy technician reveals the most bizarre ways her patients have died — and the common act that kills many

Autopsy Technician Shares Unusual Causes of Death and the Surprising Habit Responsible for Many Fatalities

Lives are at steak. An autopsy technician is urging elderly people to…
Trump announces new tariffs on Mexico, EU to begin Aug. 1

Trump Reveals Upcoming Tariffs on Mexico and the EU Starting August 1

Trump announced the tariffs on two of the United States’ biggest trade…
Here’s how much money New Yorkers need to retire comfortably: new study

New Study Reveals the Retirement Savings New Yorkers Need for Comfort

Research indicates that retirees in New York require an average of $50,997…
People boarding a small airplane.

How Carolina Wilga Survived 13 Days in the Cold Australian Outback After Going Missing

AFTER spending 11 freezing nights out in the wild, it was a…
Who is the Gazan challenging Hamas rule, and does he have a chance?

Who is the Gazan opposing Hamas, and what are his chances of success?

Demonstrators in Gaza have begun to turn against Hamas for the first…