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3h ago

Judge Says He Will Approve $7.4 Billion Purdue Bankruptcy Settlement

The decision advances a revised plan that channels most funds to governments, with about $850 million reserved for individual victims.

FILE - Jen Trejo holds a photo of her son Christopher as she is comforted outside the Supreme Court Dec. 4, 2023, in Washington. (AP Photo/Stephanie Scarbrough, File)
FILE - Advocates for opioid victims gather around a banner made by artist Fernando Luis Alvarez during a protest outside the Department of Justice, Dec. 3, 2021, in Washington. (AP Photo/Carolyn Kaster, File)
FILE - Purdue Pharma's headquarters stands in Stamford, Conn., Oct. 21, 2020. (AP Photo/Mark Lennihan, File)
FILE - Several 5-mg pills of Oxycodone are seen June 17, 2019, in Zelienople, Pa. (AP Photo/Keith Srakocic, File)

Overview

  • U.S. Bankruptcy Judge Sean Lane announced his approval from the bench Friday, with a formal explanation scheduled for Tuesday.
  • Sackler family members must contribute up to $7 billion and give up ownership of Purdue, which will be restructured as Knoa Pharma under public‑interest oversight.
  • Approximately $850 million is set aside for individuals, including more than $100 million for infants with opioid withdrawal, with typical payouts estimated near $16,000 for long‑term prescriptions.
  • The plan allows entities that do not opt in to pursue lawsuits against Sackler family members, reflecting the Supreme Court’s prior rejection of broad liability shields.
  • Non‑financial terms include public release of internal documents, limits on Sackler philanthropic naming rights, and restrictions on certain family members’ roles in opioid businesses abroad.