Bye Bye PURDUE
The Sackler family and their embattled drugmaker, Purdue Pharma LP, are backing a proposal to resolve all opioid lawsuits against themselves and the drugmaker for more than $11 billion in what would be the largest settlement to date in the sprawling litigation over the addictive painkillers, according to people familiar with the proposal.
Under the proposal, Purdue will file for bankruptcy, hand itself over to a trust controlled by the states, cities and counties that have sued, and sell its overseas drugmaker Mundipharma, according to the people. In addition, the Sacklers will dig into their own pockets for at least $3 billion in cash. Funds from those sources would generate $11.5 billion to cover the fallout from the opioid epidemic, said the people, who asked not to be identified because the talks are private.
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