Purdue Pharma offers $10 billion-$12 billion to settle opioid claims: NBC

FILE PHOTO: Bottles of prescription painkiller OxyContin pills, made by Purdue Pharma sit on a counter at a local pharmacy in Provo, Utah, U.S., April 25, 2017. REUTERS/George Frey/File Photo

(Reuters) – OxyContin maker Purdue Pharma and its owners, the Sackler family, are offering to settle more than 2,000 lawsuits against the company for $10 billion to $12 billion, NBC News reported on Tuesday citing two people familiar with the mediation.

Purdue is among several drugmakers and distributors that are facing lawsuits, seeking to hold them responsible for fueling the U.S. opioid addiction crisis, which has claimed thousands of lives.

Purdue said it was actively working with state attorneys general and other plaintiffs to reach a resolution, without specifying a settlement amount.

NBC’s report comes a day after an Oklahoma judge ordered Johnson & Johnson (JNJ.N) to pay $572.1 million to the state for deceptively marketing addictive painkillers.

Purdue in March reached a settlement for $270 million to resolve a similar lawsuit by the state of Oklahoma.

The potential deal reported by NBC was part of a confidential meeting held in Cleveland, Ohio, last week between state attorneys general, plaintiffs’ attorneys and Purdue’s lawyers.

The lawsuits have accused the Stamford, Connecticut-based company of aggressively marketing prescription opioids while misleading prescribers and consumers about risks from their prolonged use.

Reporting by Ankit Ajmera in Bengaluru; Editing by Shailesh Kuber


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