Deal would also require multibillionaire family to give up ownership of the Connecticut-based firm
A federal bankruptcy court judge on Friday said he would approve OxyContin-maker Purdue Pharma’s latest deal to settle thousands of lawsuits over the toll of opioids that includes some money for thousands of victims of the epidemic.
The deal overseen by US bankruptcy judge Sean Lane would require some of the multibillionaire members of the Sackler family who own the company to contribute up to $7bn and give up ownership of the Connecticut-based firm.
The new agreement replaces one the US supreme court rejected last year, finding it would have improperly protected members of the family against future lawsuits. The judge said he would explain his decision in a hearing on Tuesday.
The deal is among the largest in a series of opioid settlements brought by state and local governments against drugmakers, wholesalers and pharmacies that totaled about $50bn.
