Purdue Pharma Faces Dissolution, $8.3B Opioid Settlement

0:00Purdue Pharma, the maker of OxyCon, faces dissolution by the end of this week if a major settlement kicks in. A federal judge in New Jersey plans to sentence the company on Tuesday, wrapping up a long justice department probe and unlocking billions for opioid, victims and governments. The company admitted it failed to stop its painkillers from hitting the black market and paid doctors to push prescriptions. In the deal, Purdue pleads guilty, but pays just $225 million to the feds out of an $8.3 billion total. Penalty, meanwhile, the Sackler family owners must chip in up to $7 billion over 15 years. Victims of the opioid crisis, tides over 900,000 deaths since 1999 have mixed feelings. More than 54,000 personal injury claimants voted yes on the settlement, but a couple hundred said no. Some protested outside court last week, demanding criminal charges for Sackler family members instead of just cash.

1:00The judge delayed the hearing to let victims speak in person, balancing their push for real accountability. If approved Tuesday, the plan replaces Purdue with a new outfit called Noel Pharma, run by states to fight addiction and releases millions of, internal documents. This caps a wave of over $50 billion in industry settlements, channeling funds to tackle overdoses head-on and finally shift focus from, profit to public good. You've been listening to Canada News today, AI-powered local news.