Sackler Family’s $7.4B Opioid Settlement Announced

New York – The shadow of the Sackler family looms no more as New York Attorney General Letitia James declared a monumental $7.4 billion settlement with Purdue Pharma and its infamous owners, the Sacklers, for their pivotal role in the opioid epidemic.

Secured by AG James, this landmark agreement, hailed by all 55 state attorneys general representing every eligible state and territory, will strip the Sacklers of control over Purdue and allocate funds to combat the ongoing crisis. New York stands to benefit with up to $250 million dedicated to abating opioids across the state.

Attorney General James commented: ‘For decades, the Sacklers put profits before people, fueling an epidemic that has left countless lives shattered. These funds will be a lifeline for those battling addiction and provide much-needed support to our communities.’

Purdue Pharma, under the Sackler’s guidance, became synonymous with the aggressive marketing of opioids. New York has been among the states most impacted by this disaster, with over 5,000 deaths attributed to opioid overdoses in 2023 alone.

The settlement’s approval is contingent on bankruptcy court nod and will release $1.5 billion directly from the Sacklers and roughly $900 million from Purdue Pharma for immediate distribution. Subsequent payments are scheduled to follow a structured timeline over 15 years, with New York set to receive up to $250 million.

Attorney General James has been relentless in her pursuit of justice against those responsible for the opioid crisis, securing over $3 billion from various manufacturers and distributors. Her initiatives have also targeted retailers such as CVS, Walgreens, and Walmart, as well as consulting firm McKinsey & Company and marketing agency Publicis Health.