Purdue Pharma says Sackler opioid payment could grow to $7 billion
Purdue's attorney Marshall Huebner told U.S. Bankruptcy Judge Sean Lane at a hearing in White Plains, New York, that the Sacklers might pay up to $500 million more than previously announced, depending on the future sales of the Sacklers' non-U.S. companies.
"There is at least a possibility of $7 billion being paid by the Sacklers," Huebner said in court.
Purdue, its owners, and several state attorneys general announced the broad strokes of a deal last month that would resolve thousands of lawsuits alleging that its OxyContin pain medication caused a widespread opioid addiction crisis in the U.S.
The states at that time had announced that the Sacklers would pay $6.5 billion toward the settlement and Purdue would pay $900 million, but Huebner said Tuesday that the settlement could exceed the $7.4 billion announced value.
Parts of Purdue's bankruptcy plan are still confidential, but Huebner said the company was making 'substantial progress' on completing the deal.
Purdue could take additional funds from the Sacklers' future sale of their other companies like Mundipharma, which sold opioids outside of the U.S. Those sales will happen outside of Purdue's bankruptcy, and the Sacklers had previously committed to try to sell the companies within seven years.
The Sacklers' agreement to share the upside from future divestments mirrored a term in Purdue's previous bankruptcy settlement, when the Sacklers agreed to sell their non-U.S. businesses and exit the opioid business.
A representative for one branch of the Sackler family said Tuesday that the deal term was 'not new,' and declined to comment on the families' efforts to sell the non-U.S. companies.
Chris Shore, an attorney representing individuals harmed by the opioid crisis, said that the settlement will pay about $800 million into a trust for personal injury claims. That is an increase from the $700 million to $750 million set aside for personal injury claims in Purdue's previous bankruptcy plan.
Lane said Tuesday that he was pleased to see that Purdue was beginning to share some 'concrete details' with its creditors, who have waited for about eight months to see how the company would react after the U.S. Supreme Court rejected a previous bankruptcy settlement that tried to end all opioid lawsuits against the Sacklers.
Lane said that Purdue had shown enough progress to justify a short-term continuation of a litigation ceasefire that has protected the Sacklers from lawsuits while the bankruptcy talks continue.
Opioid lawsuits against Purdue and the Sacklers have been on hold since Purdue filed for bankruptcy 2019, and Lane ruled Tuesday that the litigation should not resume before the end of March.
Purdue's revised deal does not fully shut off lawsuits against the Sacklers, who have said they will vigorously defend themselves if they are sued.
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