Authored by: Ollie Lammers
According to Law.com, fifteen states have agreed to a settlement with Purdue Pharma. The settlement will need to be approved by the bankruptcy court, but if it is approved, Purdue will pay $4.5 billion over the next nine years.
The settlement money will pay for prevention, treatment, and recovery opioid programs for the states involved in the case. The agreement includes Purdue releasing tens of millions of documents, including attorney-client privileged records, to the public.
The fifteen states and Purdue Pharma were able to settle due to hours spent in mediation, including one day of mediation that started at 8 am and went until midnight.
The New York State Attorney General said Purdue “took advantage” of bankruptcy law to avoid further accountability for their actions, including New York’s massive opioid lawsuit against the company filed in 2017.
The company is currently voting on reorganizing the company and how it would “transfer billions of dollars of value into trusts for the benefit of the American people and direct critically needed medicines and resources to communities and individuals nationwide who have been affected by the opioid crisis.”
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