Purdue Pharma , Seeks Approval for the Latest , OxyContin Settlement .
On March 9, Purdue Pharma will seek to have a federal judge approve a nationwide settlement that will transform the company into a public trust. .
On March 9, Purdue Pharma will seek to have a federal judge approve a nationwide settlement that will transform the company into a public trust. .
The Associated Press reports that the settlement
will also contribute up to $6 billion toward efforts
to combat the nation's overdose and addiction crisis. .
The settlement requires
the Sackler family, who owns Purdue,
to relinquish ownership of the company. .
The deal would also see Purdue Pharma
transformed into a new company
called Knoa Pharma. .
Profits from the new company would be used to fight
the opioid crisis, which has already been linked to the
deaths of over 500,000 U.S. citizens in the last 20 years. .
In exchange for protection from civil lawsuits,
the settlement requires the Sacklers
to pay between $5.5 and $6 billion. .
According to the AP, the majority of the money
is meant for state and local governments
to address the crisis. .
An additional $750 million is intended
to be distributed among victims
and survivors of the epidemic.
Another $100 million is reserved
for medical monitoring and payments
for children born into opioid addiction. .
$150 million will also
go to Native American tribes
impacted by the crisis. .
Purdue Pharma has twice pleaded guilty
to criminal charges over the company's
promotion and sale of OxyContin. .
Purdue Pharma has twice pleaded guilty
to criminal charges over the company's
promotion and sale of OxyContin.