financetom
Business
financetom
/
Business
/
Purdue's Sacklers offer to increase contribution in new opioid settlement, WSJ reports
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Purdue's Sacklers offer to increase contribution in new opioid settlement, WSJ reports
Jan 13, 2025 6:48 AM

(Reuters) - The Sackler family, owners of Purdue Pharma, is offering to increase their financial contribution to a bankruptcy settlement of opioid lawsuits, while agreeing to some exposure to future litigation, the Wall Street Journal reported on Monday.

Some family members who own the OxyContin maker have agreed to raise their total contribution to approximately $6.5 billion, up from $6 billion under a previous plan, the report said, citing people with knowledge of confidential mediation discussions.

Purdue Pharma, along with the members of the wealthy Sackler family, is at the center of multiple lawsuits filed by state and local governments, alleging that the company fueled a deadly opioid-addiction crisis in the U.S. through deceptive marketing of its pain medication, OxyContin.

Over the past twenty years, the opioid crisis in the United States has resulted in more than 500,000 people succumbing to opioid overdoses.

Last year, the U.S. Supreme Court blocked Purdue Pharma's bankruptcy settlement of up to $6 billion, which would have shielded Sackler family members from lawsuits over their role in the opioid epidemic.

Purdue Pharma and representatives of the Sackler family did not immediately respond to Reuters' requests for comment.

The proposed settlement would provide compensation to all claimants from Purdue, WSJ reported. Additionally, the Sackler family would offer a separate settlement in exchange for the claimants releasing all opioid-related claims against family members.

Claimants who opt out of the settlement would still have the option to pursue litigation against the Sacklers if they choose to do so, the report added.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Canadian Solar (CSIQ) Stock Jumps Monday: What's Powering The Rally?
Canadian Solar (CSIQ) Stock Jumps Monday: What's Powering The Rally?
Jul 7, 2025
Canadian Solar Inc ( CSIQ ) shares are trading higher Monday afternoon. Recurrent Energy, a subsidiary of Canadian Solar ( CSIQ ), earlier announced the commercial operation of its 1,200 MWh Papago Storage facility in Maricopa County, Arizona. Here’s what investors need to know. What To Know: Per Canadian Solar ( CSIQ ), the project is now supplying power to...
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Aug 17, 2025
SYDNEY, Aug 18 (Reuters) - Google agreed on Monday to pay a A$55 million ($35.8 million) fine in Australia after the consumer watchdog found it had hurt competition by paying the country's two largest telcos to pre-install its search application on Android phones, excluding rival search engines. The fine extends a bumpy period for the Alphabet-owned internet giant in Australia,...
Gray Media, E.W. Scripps to Swap TV Stations in Five Markets
Gray Media, E.W. Scripps to Swap TV Stations in Five Markets
Jul 7, 2025
02:20 PM EDT, 07/07/2025 (MT Newswires) -- Gray Media ( GTN ) and E.W. Scripps (SSP) said Monday they have agreed to swap television stations in five small and mid-sized markets, resulting in new duopolies for each group. The firms said they expect the deals to give them the scale and depth to boost their financial durability. The deals include...
Boralex Raises $250 million in Financing Through La Caisse and Fondaction's Unsecured Subordinated Loan
Boralex Raises $250 million in Financing Through La Caisse and Fondaction's Unsecured Subordinated Loan
Jul 7, 2025
02:08 PM EDT, 07/07/2025 (MT Newswires) -- Boralex ( BRLXF ) on Monday said it closed an additional corporate financing of a $250-million unsecured subordinated loan with a term of eight years by La Caisse, formerly CDPQ, and Fondaction. The renewable-power company said the investment made by La Caisse was $200 million, to which $50 million was added by Fondaction,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved