All 55 state and territorial attorneys general have agreed to a $7.4 billion settlement with Purdue Pharma and the Sackler family, according to an announcement from Nevada Attorney General Aaron D. Ford. The agreement aims to resolve litigation related to Purdue’s role in the opioid crisis.
The Sackler family has indicated it will proceed with the settlement, which still requires approval by a bankruptcy court. Following this approval, local governments nationwide will be invited to join the settlement.
“Throughout my time in office, I have repeatedly stated that we will hold accountable those who have contributed to the ongoing opioid epidemic and its devastating impacts on the Silver State,” said AG Ford. “Today’s settlement is the latest action we have taken to hold those bad actors accountable. I am proud to see the Sackler and Purdue Pharma held responsible for their actions, and I am thrilled to see this money come into Nevada to help ensure we fight this epidemic from the ground up.”
Purdue Pharma, under Sackler ownership, marketed opioid products for decades, contributing significantly to what has been called one of America’s most severe drug crises. This agreement ends both Sacklers’ control over Purdue and their ability to sell opioids in the U.S.
Funds from the settlement will be distributed over 15 years directly to communities for addiction treatment, prevention programs, and recovery services. Most payments are scheduled within the first three years: $1.5 billion from the Sacklers and roughly $900 million from Purdue initially; then $500 million after one year; another $500 million after two years; and $400 million after three years.
Nevada expects approximately $58 million from this settlement during that period. Including these funds, Nevada’s total settlements relating to companies involved in fueling opioid abuse now approach $1.2 billion.
State and local governments’ legal claims against Purdue and its owners are resolved through this deal if approved by bankruptcy proceedings set for hearing soon.
AG Ford was joined by attorneys general representing every eligible U.S. state and territory in securing this agreement.