Sacklers, Purdue Pharma face final test over US opioid settlement

Purdue Pharma and its Sackler family owners are seeking court approval for a proposal the firm values at more than $10bn to settle trillions of dollars in liabilities over their role in fuelling the US opioid epidemic.

Purdue Pharma LP and its owners, members of the Sackler family, are nearing the end of their decades-long association with opioids, seeking court approval to pay billions of dollars and walk away from the business that helped make their fortune. U.S. Bankruptcy Judge Robert Drain on Thursday will begin what’s expected to be an 11-day trial – the longest in his career – to review a proposal the company values at more than $10 billion to settle trillions of dollars in liabilities over its addictive painkiller OxyContin. If Purdue’s plan is approved, the family will pay $4.5 billion over nine or 10 years and essentially hand over the keys to the business, with almost all future proceeds benefiting states, counties and cities hit hard by the opioid epidemic. In exchange, the Sacklers get lifetime immunity from a broad array of opioid-related lawsuits. If the settlement is rejected, family members would likely find themselves ensnared in costly litigation that would drag on for years.