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New York is joining several other states in winning a multi-billion dollar settlement - one of the largest in the country’s history - with Purdue Pharma for its role in the opioid epidemic that has plagued the US for years.
Gov. Andrew Cuomo announced a $4.5 billion settlement with the pharmaceutical company that will put them out of business after falsely marketing its products to get Americans hooked on opioids.
The owners of Purdue Pharma, the Sackler family, will pay out a total of $4.325 billion over the next nine years, with New York State receiving approximately $200 million.
Jessica Hill / Associated Press
Calling them “villains for the history books,” the attorneys general of New York, Massachusetts and Minnesota on Thursday announced a $4.5 billion settlement with the Sackler family, which owns Purdue Pharma, the manufacturer of the drug OxyContin that contributed to the nation’s opioid addiction crisis.
New York Attorney General Letitia James, along with Massachusetts Attorney General Maura Healy and Minnesota Attorney General Keith Ellison, said the settlement is the largest amount ever paid out by an individual. If approved, about $4.3 billion will be distributed to nearly every state in the nation to help fund prevention, treatment and recovery programs; New York will get $200 million.
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Purdue Pharma is the manufacturer of the drug OxyContin that contributed to the nation’s opioid addiction crisis. The Sackler family, which owns Purdue Pharma, has reached a $4.5 billion settlement with New York, Massachusetts and Minnesota.
Calling them “villains for the history books,” the attorneys general of New York, Massachusetts and Minnesota on Thursday announced a $4.5 billion settlement with the Sackler family, which owns Purdue Pharma, the manufacturer of the drug OxyContin that contributed to the nation’s opioid addiction crisis.
New York Attorney General Letitia James, along with Massachusetts Attorney General Maura Healy and Minnesota Attorney General Keith Ellison, said the settlement is the largest amount ever paid out by an individual. If approved, about $4.3 billion will be distributed to nearly every state in the nation to help fund prevention, treatment and recovery programs; New York will get $200 million.
WATERTOWN â An agreement was announced Thursday in the case of Purdue Pharma, manufacturer o…
The state could receive up to $200 million in a historic settlement, if approved, that would require the Sackler family to pay $4.5 billion and permanently shutter disgraced OxyContin company Purdue Pharma for its role in fueling the opioid epidemic that killed hundreds of thousands of Americans over the past two decades.
Members of the Sackler family have agreed to pay more than $4 billion of their own cash over nine years and entirely exit the opioid business as part of the proposed deal, which requires Purdueâs assets to be relinquished as trusts to states and thousands of localities suing to recoup billions spent dealing with the crisis. The assets must be sold by 2024.
New York State Team
New York and 14 other states have reached a $4.5 billion settlement with Purdue Pharma, the maker of OxyContin, potentially ending years of legal battles over the company s connection to the opioid epidemic.
The major opioid settlement was revealed in a mediator s report filed late Wednesday in federal bankruptcy court in White Plains, in which the 15 states including New York, New Jersey, Pennsylvania and Massachusetts supported the deal and agreed to drop their opposition to Purdue s bankruptcy.
“For nearly two years, since Purdue Pharma declared bankruptcy, the company and the Sackler family have used every delay tactic possible and misused the courts all in an effort to shield their misconduct,” New York Attorney General Letitia James said in a statement Thursday.