The Sackler family is reportedly set to pay at least $ 3 billion of their own money in a settlement to resolve thousands of lawsuits against them for their role in the opioid epidemic.
It is also said that they give up ownership of their company, OxyContin maker Purdue Pharma, and transfer it to the government, according to The New York Times.
Purdue Pharma and the Sacklers have been trying for months to prevent federal or national lawsuits against individuals or the company.
If the settlement is agreed, Purdue Pharma would be the first of about twenty manufacturers, distributors, and retailers of prescription opioids in US lawsuits that settle all claims against it because of its role in the public health crisis.
Purdue Pharma and various other drug producers and distributors are held responsible through 2,000 lawsuits filed by local governments for the opioid epidemic crisis that has killed thousands.
The company offers to settle the lawsuits against them for $ 10 billion to $ 12 billion.
Representatives from Purdue Pharma and the Sackler family held confidential meetings last week in Cleveland, Ohio, to discuss a possible settlement of millions of dollars. Pictured: Purdue Pharma headquarters in Stamford, Connecticut
The Jonathan brothers on the left and Richard Sackler on the right. Richard led Purdue from 1999 to 2003 and oversaw many of the rising sales of OxyContin while it was being advertised. These are just a few of the Sacklers against whom the lawsuits have been filed
The majority of the resources would come from transforming the business from private to a & # 39; public beneficiary trust & # 39; according to a chapter 11 bankruptcy application.
In addition to their $ 3 billion cash payout, the Sacklers are said to sell another pharmaceutical company under their ownership, Mundipharma, and release an additional $ 1.5 billion for the proceeds.
Two people who are familiar with the matter tell NBC News On Tuesday, representatives of Purdue Pharma and the Sackler family held confidential meetings last week in Cleveland, Ohio, with at least 10 public advocates-general to discuss a possible settlement.
Purdue Pharma reached a $ 270 million settlement in March to resolve an Oklahoma state lawsuit.
Purdue Pharma and its owners, the Sackler family, are the makers of OxyContin
And on Monday, pharmaceutical giant Johnson & Johnson was ordered to pay $ 572 million in a milestone that ruled their share of the opioid crisis.
Although it was handed a large fine, the amount was considerably smaller than the $ 17 million requested by the state of Oklahoma.
The Sackler family earned $ 4 billion in sales of prescription drugs between 2008 and 2016 through the Purdue Pharma family business, according to court records.
More specifically, the profit they made by selling opioids such as OxyContin, the small but powerful pill that is responsible for the never-ending windfall of the Sackler family and has contributed to an unprecedented epidemic.
It is an epidemic for which David Sackler refuses to accept any debt, and shouts: & # 39; The idea that the Sacklers were in charge of the operation. That's just not true. & # 39;
& # 39; The Sackler family built a multi-billion dollar drug empire based on addiction & # 39 ;, said Attorney General Gurbir Grewal of New Jersey in May, when his state joined others to join the Sackler family and their company. complain.
Adapted deaths from drug overdose as described in one graph showing the magnitude of the opioid crisis in the US from 1999 to 2016
& # 39; Despite being aware of the damage, the Sacklers Purdue drove to continue fraudulent sales campaigns for OxyContin and other highly addictive opioid pain killers, & # 39; he added.
Family spokeswoman Nikki Ritchie said in May that the family denied the allegations and called the suit & # 39; unfounded & # 39 ;.
Suits appoints former Purdue CEO and President Richard Sackler, along with Jonathan D. Sackler; Dr. Kathe Sackler; Ilene Sackler Lefcourt; Mortimer D.A. Sackler; Beverly Sackler; Theresa Sackler; and David A. Sackler.
In a statement to NBC News, the company said: & although Purdue Pharma is prepared to defend itself vigorously in the opioid lawsuit, the company has made it clear that it sees little good coming from years of wasteful lawsuits and appeals. & # 39;
& # 39; The people and communities affected by the opioid crisis now need help. Purdue believes a constructive global resolution is the best way forward, and the company is actively working with attorneys general and other plaintiffs to achieve this result, & the company added.
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