Fifteen states have agreed to drop their long-standing objections to a contentious bankruptcy plan to reorganize Purdue Pharma, a significant step that will likely ensure the proposal will be approved in court next month.
As part of the deal with the states, the drug maker agreed to a “material expansion” of a public repository that will house more than 30 million documents related to its role in fomenting the opioid crisis, court documents show. And members of the Sackler family that control the company will boost their nearly $4.3 billion settlement payout by another $50 million, which will be used to reimburse states, cities, and tribes for various costs.
In addition, the settlement will require Purdue to be wound down or sold by 2024 and will ensure the Sacklers are banned from the opioid business. They must also relinquish control of family foundations to an independent trustee to be used to address the opioid epidemic, according to Massachusetts Attorney General Maura Healey, who had filed a lawsuit against Purdue and Sackler family members.
About the Author Reprints
Create a display name to comment
This name will appear with your comment
