Tentative opioids settlement falls short of nationwide deal
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HARTFORD, Conn. (AP) — A tentative settlement announced Wednesday over the role Purdue Pharma played in the nation’s opioid addiction crisis falls short of the far-reaching national settlement the OxyContin maker had been seeking for months, with litigation sure to continue against the company and the family that owns it.
The agreement with about half the states and attorneys representing roughly 2,000 local governments would have Purdue file for a structured bankruptcy and pay as much as $12 billion over time, with about $3 billion coming from the Sackler family. That number involves future profits and the value of drugs currently in development.
In addition, the family would have to give up its ownership of the company and contribute another $1.5 billion by selling another of its pharmaceutical companies, Mundipharma.
Several attorneys general said the agreement was a better way to ensure compensation from Purdue and the Sacklers than taking their chances if Purdue files for bankruptcy on its own.
Arizona Attorney General Mark Brnovich said the deal “was the quickest and surest way to get immediate relief for Arizona and for the communities that have been harmed by the opioid crisis and the actions of the Sackler family.”
In a statement after Wednesday’s announcement, the company said that it “continues to work with all plaintiffs on reaching a comprehensive resolution to its opioid litigation that will deliver billions of dollars and vital opioid overdose rescue medicines to communities across the country impacted by the opioid crisis.”
Even with Wednesday’s development, many states have not signed on. Several state attorneys general vowed to continue their legal battles against the Sacklers and the company in bankruptcy court. Roughly 20 states have sued members of the Sackler family in state courts.
Connecticut, Iowa, Massachusetts, Nevada, New Jersey, New York, Pennsylvania, North Carolina and Wisconsin were among the states saying they were not part of the agreement.
“Our position remains firm and unchanged and nothing for us has changed today,” Connecticut Attorney General William Tong said in a statement.
“The amount of money that’s being offered in this settlement doesn’t even scratch the surface for what’s needed,” Hampton said. “We want to see Purdue have their day in court. We know more money will come if this case goes to trial.”
Les ordures sans vergogne :
On Wednesday, the Sackler family said in a statement that it “supports working toward a global resolution that directs resources to the patients, families and communities across the country who are suffering and need assistance.”
“This is the most effective way to address the urgency of the current public health crisis, and to fund real solutions, not endless litigation,” it said.
In March, Purdue and members of the Sackler family reached a $270 million settlement with Oklahoma to avoid a trial on the toll of opioids there.
A court filing made public in Massachusetts this year asserts that members of the Sackler family were paid more than $4 billion by Purdue from 2007 to 2018. Much of the family’s fortune is believed to be held outside the U.S., which could complicate lawsuits against the family over opioids.
The Sacklers have given money to cultural institutions around the world, including the Smithsonian Institution, New York City’s Metropolitan Museum of Art and London’s Tate Modern.