Purdue Pharma, Sackler family to settle U.S. opioid lawsuits for US$7.4B
Purdue Pharma has won support from the attorneys general of 55 U.S. states and territories for its $7.4 billion settlement to resolve thousands of opioid lawsuits against the drugmaker and its owners, members of the Sackler family.
A framework for the settlement had been announced in January by New York Attorney General Letitia James and other states, and the support announced on Monday could help Purdue Pharma win court approval for its bankruptcy reorganization.
The $7.4 billion payment is intended to resolve claims that the drugmaker's pain medication OxyContin caused a nationwide opioid addiction crisis.
It includes about $6.5 billion from the Sacklers and about $900 million from Purdue Pharma.
Payouts would begin after the drugmaker wins sufficient creditor support for its Chapter 11 plan. Money would go to individuals, state and local governments, and Native American tribes, and the Sacklers would cede control of Purdue and be barred from selling opioids in the United States.
Story continues below advertisement
'For decades, the Sacklers put profits over people, and played a leading role in fueling the epidemic,' James said in a statement. 'While no amount of money can fully heal the destruction they caused, these funds will save lives and help our communities fight back against the opioid crisis.'
Get weekly health news
Receive the latest medical news and health information delivered to you every Sunday. Sign up for weekly health newsletter Sign Up
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy
According to several attorneys general, Monday's agreements do not include Oklahoma, which in 2019 reached a $270 million settlement with Purdue Pharma and the Sacklers to resolve opioid-related claims.
1:01
U.S. Supreme Court rejects national opioid settlement with Purdue Pharma
Last June, the U.S. Supreme Court rejected an earlier settlement that would have given the Sacklers broad immunity from opioid-related civil lawsuits. The Sacklers would have paid about $6 billion under that settlement.
More than 850,000 people have died from opioid-related overdoses since 1999, according to the U.S. Centers for Disease Control and Prevention, though deaths have recently declined.
In 2022, Purdue agreed to pay $150 million to Canadian provinces and territories to resolve a class-action lawsuit against the company over the opioid crisis in Canada. The sum was the largest settlement for a government health claim in Canadian history.
Story continues below advertisement
—With additional files from Global News
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Winnipeg Free Press
36 minutes ago
- Winnipeg Free Press
S&P/TSX composite ends lower, U.S. stock markets mixed
TORONTO – Canada's main stock index lost steam through the trading day on Friday to close lower, while U.S. stock markets were mixed. The S&P/TSX composite index was down 8.43 points at 26,497.57. In New York, the Dow Jones industrial average was up 35.16 points at 42,206.82. The S&P 500 index was down 13.03 points at 5,967.84, while the Nasdaq composite was down 98.86 points at 19,447.41. The Canadian dollar traded for 72.84 cents US compared with 72.87 cents US on Thursday. The August crude oil contract was up 34 cents US at US$73.84 per barrel and the July natural gas contract was down 14 cents US at US$3.85 per mmBTU. The August gold contract was down US$22.40 at US$3,385.70 an ounce and the July copper contract was down two cents US at US$4.83 a pound. This report by The Canadian Press was first published June 20, 2025. Companies in this story: (TSX: GSPTSE, TSX: CADUSD)
The Market Online
42 minutes ago
- The Market Online
@ the Bell: Markets mixed as Trump eyes role in Middle East conflict
Equities trading in Canada's largest centre fluctuated between gains and losses on Friday, as strength in the financials sector was offset by declines in mining and energy stocks. This came after fears of immediate US military involvement in the Israel-Iran conflict eased temporarily. On Thursday, the White House stated that President Donald Trump would decide within two weeks on whether the US would join Israel in the conflict. Meanwhile, US markets remained relatively flat. Federal Reserve Governor Christopher Waller expressed a more optimistic outlook than Fed Chair Jerome Powell had earlier in the week, suggesting that inflation was subdued enough to allow for a potential interest rate cut at the Fed's next meeting. The Canadian dollar traded for 72.82 cents US compared to 72.97 cents US on Thursday. US crude futures traded $0.14 lower at US$75.00 a barrel, and the Brent contract lost US$1.55 to US$77.30 a barrel. The price of gold was down US$8.58 to US$3,365.42. In world markets, the Nikkei was down 85.11 points to ¥38,403.23, the Hang Seng was up 292.74 points to HK$23,530.48, the FTSE was down 17.15 points to ₤8,774.65, and the DAX was up 293.17 points to €23,350.55. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
Winnipeg Free Press
an hour ago
- Winnipeg Free Press
IIHF including women in tournament bonus money ‘significant', says Canada's Kingsbury
CALGARY – The International Ice Hockey Federation's decision to share tournament bonus money with women after years of men in the driver's seat is both symbolic and practical, says the general manager of Canada's women's team. 'It's very significant,' said Hockey Canada women's general manager Gina Kingsbury. 'For years, these types of topics have been brought up to the IIHF and they've always been shut down. 'More money invested in the women's game is really important.' The IIHF stated in a website report during its annual congress that 'development support,' worth nearly $9 million Swiss francs (C$15 million) in 2025, will be distributed to member federations based on their countries' performances across the men's and women's world championships, the men's under-20 championship and the men's and women's under-18 championships. 'Furthermore, the support will be weighted according to IIHF World Ranking,' the IIHF stated. The IIHF's development money was previously given to federations based only on men's world championship results. 'This has been a talking point on the women's side of the game for a long time,' said Canadian defender Renata Fast. The IIHF says the money will be split with 40 per cent going to the men's championship, 40 per cent to the women's championship, 10 per cent to the world junior men's tournament, and five per cent each to the men's and women's under-18 championships. That equates to roughly four million Swiss francs (C$6.7 million) going to federations based on the international results of their women's teams. 'It just signals that the IIHF is realizing that they need to modernize some of the things that have just been in place for years and years and years, and recognizing the growth of the women's game and the importance of acknowledging that and valuing it,' Fast said. 'The prize money to me symbolizes that.' The IIHF had previously argued that development money wasn't shared with women because the men's world championship turns a significant profit, while the women's tournament does not. 'Our organization wants to encourage its members to develop women's hockey and junior programs,' the IIHF said in an emailed statement. Even though Kingsbury sits on the IIHF's women's committee and Fast on the IIHF athletes' council, the report of bonus-money redistribution was buried in a congress report and came as a surprise to them. 'It just shows that there's a shift in thinking, maybe,' said Kingsbury. 'If we grow the women's game and if we kind of entice countries that may not have as strong of numbers on the women's side, or as strong a team … they'll be more motivated to invest in the women's side.' The IIHF may want to motivate countries to devote equal resources to men's and women's hockey, but it's ultimately each federation's decision how to use its developmental money. 'What also would be interesting is maybe if there's a federation where the women's program is stronger than the men's program in terms of a ranking standpoint, and how now their women's team can actually bring them in some prize money in an instance where their men's programs never did, that would be huge,' Fast said. Canadian women have never finished outside the medals at either the world championship or under-18 championship. Canada took silver and the under-18 team gold in 2025. Canada's men claimed under-18 gold, but were eliminated in the quarterfinals in both the men's and under-20 championship. 'If the women's program is stronger than the men's, there will be an increase in the support,' IIHF Director General Matti Nurminen said during the congress. 'If the men's and women's programs are as strong, there will be no real impact.' Hockey Canada and USA Hockey — perennial 1-2 finishers — already have the largest women's hockey budgets in part because their female registration far outstrips other countries at a combined 200,000 players. Nevertheless, Kingsbury says she would welcome any funding the women's teams are able to generate through international success. Thursdays Keep up to date on sports with Mike McIntyre's weekly newsletter. 'Any increase in funds, trust me, we've got lots of projects and ideas that could grow our game and could help the women's program,' she stated. 'There's always more we can do.' After lopsided women's hockey scores at the 2010 Olympic Games — and then-IOC president Jacques Rogge warning 'we cannot continue without improvement' — the IIHF committed 2 million Swiss francs to international women's hockey development. More equitable shares in the IIHF's bonus structure 15 years later is seismic, said Kingsbury. 'Our women's committee, for many years, I remember even before I was on it, the big topic was always the trophy for the women's worlds is smaller than men's and we don't get prize money,' Kingsbury said. 'Both those things have changed.' This report by The Canadian Press was first published June 20, 2025.
