Sackler Family Exits Bankruptcy Trial Over Purdue Pharma's OxyContin - Bloomberg

2022-07-05 11:07:38 By : Ms. Carolyn Hsu

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The settlement caps years of political pressure and public outcry over the blockbuster drug OxyContin.

The Sackler family made billions of dollars on Purdue Pharma LP’s blockbuster painkiller OxyContin before their name was tarnished by a staggering public-health crisis in the U.S. Now they’re quitting the drug business as part of the company’s bankruptcy settlement, which will allow them to largely preserve — and potentially grow — the bulk of their fortune, an estimated $11 billion.

On Wednesday, U.S. Bankruptcy Judge Robert Drain approved Purdue’s plan to resolve thousands of opioid lawsuits that drove it to insolvency.