A deal wouldresolve claims by almost every U.S. state and many cities andcounties that the family and Purdue sparked the ongoing U.S. opioidepidemic through wrongful marketing tactics for OxyContin. (Image:Shutterstock)
(Bloomberg) –The Sackler family and their embattled drugmaker,Purdue Pharma LP, are backing a proposal to resolve all opioidlawsuits against themselves and the drugmaker for more than $11billion in what would be the largest settlement to date in thesprawling litigation over the addictive painkillers, according topeople familiar with the proposal.
Under the proposal, Purdue will file for bankruptcy, hand itselfover to a trust controlled by the states, cities and counties thathave sued, and sell its overseas drugmaker Mundipharma, accordingto the people. In addition, the Sacklers will dig into their ownpockets for at least $3 billion in cash. Funds from those sourceswould generate $11.5 billion to cover the fallout from the opioidepidemic, said the people, who asked not to be identified becausethe talks are private.
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