Purdue Pharma and its owners, the Sackler family, reached a settlement of up to $7.4 billion for its role in the opioid crisis, less than a year after the Supreme Court tossed out a proposed $6 billion settlement.
The settlement, in principle, announced Thursday by New York Attorney General Letitia James, would not shield the parties from additional liability, which was part of the previous settlement that was found to be an abuse of bankruptcy protections.
For decades, the Sackler family fueled waves of opioid addiction and overdose deaths across the country, causing our families immense devastation and loss.
— NY AG James (@NewYorkStateAG) January 23, 2025
Now, we're holding them accountable for the destruction they caused and making them pay up to $6.5 billion.
“My office is making Purdue Pharma and the Sackler family pay up to $7.4 billion for their roles in fueling the opioid crisis,” James said in a post on X. “This money will be used to fund opioid treatment and prevention programs nationwide, and the Sackler family’s control over Purdue will end.
“For decades, the Sackler family fueled waves of opioid addiction and overdose deaths across the country, causing our families immense devastation and loss,” she added.
The agreement would have the Sackler family pay $6.5 billion, while Purdue Pharma would pay $900 million. James said she expects the deal to be finalized toward the end of the year, claiming that once it is finalized, the family will not have control over Purdue Pharma and “will never be allowed to sell opioids in the United States again.”
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The settlement will include 14 other states and will give New York $250 million, James said.
Under the agreement, the Sackler family will have to pay the states over a 15-year period, including $3 billion in the first three years.