“The bankruptcy deal in question would have the Sackler family personally pay out between $5.5 billion to $6 billion over 18 years to help fight the ongoing opioid epidemic. Most of the money would go to states, local governments and Native American tribes.
The deal also sets aside $700 million to $750 million to pay individual victims and families of victims. The fund would pay out between $3,500 to $48,000, with payments to some victims spread out over 10 years. Purdue has said its bankruptcy deal is the only major opioid settlement to provide ‘meaningful recoveries’ to victims.
If the deal were to be approved by the Supreme Court, Purdue Pharma would cease to exist and a new company, Knoa Pharma, would be created in its place. Knoa Pharma would develop and distribute opioid addiction treatments and overdose reversal medicines, while continuing to produce Purdue Pharma products, including OxyContin. The company would be governed by a new independent board, and would have a ‘public-minded mission,’ according to Purdue Pharma.
In exchange for the deal, members of the Sackler family would be granted immunity from all other civil (though, not criminal) lawsuits.”
Read more on “US Supreme Court scrutinizes controversial opioid crisis settlement that would give Sackler family immunity” via CNN.
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