Purdue Pharma

Connecticut’s Attorney General William Tong announced today that Purdue Pharma will pay $6 billion for its role in the opioid epidemic.

Purdue Pharma and the Sackler family — the founders and owners of the company — will pay the $6 billion to victims, survivors and states as a result of their role in the opioid crisis, with that tally totaling 40% more than the previously vacated settlement appealed by the state of Connecticut, according to a news release.

As part of the settlement, the Sackler family must apologize and allow institutions to remove the Sackler name from buildings and scholarships, while Connecticut will receive approximately $95 million from the settlement. Those funds are earmarked for funding opioid treatment and prevention, as the agreement authorizes the state to use a portion of the settlement to establish an opioid survivors trust.

The settlement keeps intact provisions of the Purdue bankruptcy plan, forcing the company to be…

Purdue Pharma may have reached a bankruptcy settlement in the U.S. Bankruptcy Court in White Plains, New York, but several states intend to press forward by appealing the decision of Judge Robert Drain. 

Judge Drain’s decision would direct $4.5 billion over a decade to support measures intended to fight the opioid crisis. “Substantially all of Purdue’s assets will be transferred to a new company with a public-minded mission,” read part of a statement on the Purdue Pharma website. 

Purdue Pharma had previously agreed in principle to a $3 billion bankruptcy agreement in September 2019.

The Sackler family that owned the company won immunity against further legal action in the Chapter 11 bankruptcy deal. The Sacklers furthermore will be barred from dealings with other pharmaceutical companies. 

Last week, Drain had surmised that the Sacklers faced a “substantial risk” of being “liable for huge amounts of money.”

The deal also forces the Sackler…