New York – In a landmark decision, New York Attorney General Letitia James has secured the approval of Purdue Pharma’s bankruptcy plan. The court-ordered ruling by U.S. Bankruptcy Judge Sean Lane confirms a $7.4 billion settlement between Purdue and its owners, the Sackler family, for their role in the opioid crisis.
“For decades, the Sacklers ran Purdue with one goal: maximizing profits at any cost,” Attorney General James stated. “This bankruptcy plan is a step towards compensating communities ravaged by the opioid epidemic.”
Purdue’s aggressive marketing of opioids for years contributed to the nation-wide addiction and overdose crisis. The new company, now owned by an independent foundation, will be barred from marketing opioids and must distribute excess revenue to support opioid abatement efforts.
The $7.4 billion settlement includes a payment of $1.5 billion from the Sacklers and approximately $900 million from Purdue. New York is set to receive up to $250 million from this settlement, which will be used to fund addiction treatment, prevention, and recovery programs.
Attorney General James has secured more than $3 billion in settlements from various opioid manufacturers and distributors, including Mylan, Johnson & Johnson, and McKesson. She has also led efforts against CVS, Walgreens, Walmart, McKinsey & Company, and Publicis Health for their roles in the crisis.
This historic approval signifies a crucial victory in the ongoing battle to hold accountable those responsible for the opioid crisis and support the communities affected by it.
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Key Facts
- State: New York
- Agency: NY AG
- Category: Drug Trafficking|Fraud & Financial Crimes|Public Corruption
- Source: Official Source ↗
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