Report: Purdue looking to reach massive opioid settlement

Aug. 28, 2019

With about 2,000 opioid-related lawsuits looming around the country, Purdue Pharma is reportedly offering to settle for $10-12 billion.

According to Reuters, the proposed settlement was first reported by NBC, but attorneys for Purdue and its owners, the Sackler family, have declined to confirm the report.  

Earlier this year, it was reported that Purdue was considering filing for bankruptcy in the wake of the impending lawsuits brought by plaintiffs who accuse the company of aggressively marketing Oxycontin and down-playing the risks of addiction.

Under the alleged settlement plan, Purdue would file for Chapter 11 bankruptcy protection and then restructure as a for-profit “public benefit trust” with billions in contributions from Purdue and the Sackler family.

The idea of opioid manufacturers reaching a global settlement — much like cigarette makers struck in 1998 — has been floated by several legal officials involved in the opioid litigations. 

Purdue has already made one settlement with Oklahoma, but on Oct. 21, the company — along with several others — is set to face its first trial related to a federal court proceedings that’s consolidating the roughly 2,000 lawsuits.

Read the full Reuters report.