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Purdue Moves to Unload Opioid Claims Via $10 Billion Plan

  • Sackler family to contribute more than $4.2 billion to accord
  • Plan calls for OxyContin maker to be handed to governments
OxyContin medication
OxyContin medicationPhotographer: George Frey/Bloomberg
Updated on

Purdue Pharma LP has floated a settlement plan calling for members of the billionaire Sackler family to pay more than $4.2 billion to help resolve the thousands of lawsuits that drove the maker of OxyContin opioid painkillers into bankruptcy.

Court papers filed late Monday by Purdue call for the drugmaker to hand over the company’s assets to trusts for the benefit of states, cities and counties suing to recoup billions spent dealing with the U.S. opioid crisis. Combined with the cash payment by the Sacklers -- the company’s current owners -- the Chapter 11 reorganization plan may be worth more than $10 billion, according to court filings.