Attorney General Jason Miyares announced that a $7.4 billion settlement has been reached with Purdue Pharma and its owners, the Sackler family. This agreement involves 55 attorneys general from all eligible states and U.S. territories. The settlement addresses litigation against Purdue and the Sacklers for their involvement in the opioid crisis.
Virginia is set to receive up to $103.8 million over 15 years, which will be allocated to local prevention, treatment, and recovery initiatives.
Purdue Pharma, under the Sacklers’ ownership, manufactured and marketed opioids for decades, contributing significantly to the opioid epidemic in the United States. This settlement marks an end to their control over Purdue and their ability to sell opioids in the country.
“This settlement in principle is the nation’s largest settlement to date with individuals responsible for the opioid crisis,” stated Miyares. With this new agreement, Virginia’s Office of the Attorney General has secured more than $1.1 billion in settlements for Virginia.
The majority of funds from this settlement will be distributed within three years. The Sacklers are expected to pay $1.5 billion initially, while Purdue will contribute approximately $900 million as part of the first payment. Subsequent payments include $500 million after one year, another $500 million after two years, and a final $400 million after three years.
Similar to previous opioid settlements, this deal requires legal claim resolutions by state and local governments. The next steps depend on bankruptcy court approval, with a hearing scheduled soon.
Attorney General Miyares collaborated with attorneys general from numerous states and territories across the country to secure this agreement.
