A judge said he will approve a $7 billion settlement between the maker of OxyContin and people with addiction, states, counties and Native American tribes. There have been thousands of lawsuits filed.
Purdue Pharma was sued for its role in the opioid crisis that has killed more than 900,000 people in the U.S. since 1999, The Associated Press reported.
The deal overseen by U.S. Bankruptcy Judge Sean Lane would give the approval that would require the Sackler family, owner of Purdue Pharma, to give up to $7 billion and relinquish ownership of the drugmaker.
The Supreme Court had previously rejected an agreement, which the high court said would have protected the Sackler family from future lawsuits.
The Sackler family will have to pay $6.6 billion as part of the settlement, Bloomberg Law explained. The payment will be made in installments over 15 years.
Most of the money will be earmarked for opioid abatement efforts, while about $850 million will go to families and individuals who have filed addiction-related claims, according to Bloomberg Law.
The company will also give its assets to Knoa Pharma, a public benefit company that will develop and distribute opioid overdose reversal and addiction medications, Bloomberg Law said.
Lane will explain his decision next week.
The $7 billion deal is one of the largest settlements with state and local governments against drugmakers, wholesalers and pharmacies, the AP reported.
Overall, about $50 billion has been paid out over opioid addiction settlements.
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