Attorney General Matthew J. Platkin announced that all 55 attorneys general from eligible states and U.S. territories have agreed to a $7.4 billion settlement with Purdue Pharma and its owners, the Sackler family. This settlement aims to resolve litigation against Purdue and the Sacklers for their involvement in the opioid crisis.
The Sackler family has confirmed their intention to proceed with the settlement, which will provide New Jersey and its local governments with up to an estimated $124.5 million over 15 years.
“While we know that no amount of money can erase the pain for those who lost loved ones to this crisis, this settlement will help prevent future tragedies through education, prevention, and other resources,” said Attorney General Platkin. “The Sacklers put greed and profit over human lives, and with this settlement, they will never be allowed to sell these drugs again in the United States.”
Most of the funds from the settlement will be distributed within the first three years. The initial payment includes $1.5 billion from the Sacklers and approximately $900 million from Purdue, followed by additional payments totaling $1.4 billion over three years.
Under Sackler ownership, Purdue aggressively marketed opioid products for decades, contributing significantly to what is considered the largest drug crisis in U.S. history. This agreement ends their control of Purdue and their ability to sell opioids in the country.
The funds are intended for addiction treatment, prevention, and recovery efforts across communities nationwide over 15 years. This represents the largest settlement reached with individuals accountable for the opioid crisis.
Resolution of legal claims by state and local governments is part of this agreement with Purdue and the Sacklers. The process requires bankruptcy court approval, with a hearing scheduled soon.
Including this new agreement, New Jersey has secured settlements totaling over $1.3 billion from companies involved in fueling the opioid epidemic.
Attorney General Platkin was joined by attorneys general from numerous states and territories in securing this settlement.
Assistant Attorney General Lara Fogel along with Deputy Attorneys General Brian DeVito and Jesse Sierant managed matters related to Purdue and Sackler on behalf of New Jersey.
