UPDATED: Purdue Pharma and Sackler Family Offering $10B to $12B to Settle Opioid Cases
Wednesday, August 28, 2019
The Financial Times is reporting that Purdue Pharma, the opioid maker, and members of the billionaire Sackler family that own the company have offered to settle thousands of lawsuits against the company for $10 to $12 billion, according to people briefed on the offer.
According to FT, more than 2,000 states, cities, and counties across America are pursuing the OxyContin maker over the large bills for cleaning up the opioid crisis -- and are deciding whether to accept the offer by Friday, the people said.
Rhode Island is presently in litigation with both the company and its subsidiary Rhode Technology in Coventry, RI.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe Sackler family is one of the richest families in America. As part of the potential agreement, the family would give up control of the company.
SEE A SERIES OF STORIES BELOW ABOUT THE SACKLER'S TIES TO RHODE ISLAND BELOW
On Monday, in a landmark lawsuit, an Oklahoma judge ordered Johnson & Johnson to pay $572 million for contributing to the state’s opioid-addiction crisis, a verdict that could have massive implications for lawsuits now pending across the country relating to the opioid epidemic.
A group headed by Purdue Pharma agreed to pay $270 million, while a group headed by Teva Pharmaceuticals USA Inc., agreed to pay $85 million.
More than 2,000 cases brought by state and local municipalities seek to hold drugmakers, retail pharmacy chains and distributors accountable for widespread opioid abuse that began gaining public attention in the early 2000s.
That flood of litigation coincides with intensifying efforts by the Justice Department to use data to investigate over-prescription of opioids by doctors.
Purdue said it believes a “constructive global resolution is the best way forward” and is working with state attorneys-general and other plaintiffs to achieve it. “While Purdue Pharma is prepared to defend itself vigorously in the opioid litigation, the company has made clear that it sees little good coming from years of wasteful litigation and appeals,” a spokeswoman said.
THIS STORY IS DEVELOPING
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