Purdue Pharma and the Sackler family, who controlled the company, have agreed to pay up to $7.4 billion (£6 billion) to settle claims related to their powerful prescription painkiller OxyContin. The settlement involves the Sacklers paying up to $6.5 billion and Purdue contributing $900 million.
OxyContin, known to lead to harder drug use, such as heroin, has been held responsible for exacerbating the deadly opioid crisis in the United States and has brought in billions for the Sackler family.
The New York Attorney General's office mentioned that the deal will support opioid addiction treatment and prevention efforts nationwide.
Purdue stated, "We are extremely pleased that a new agreement has been reached that will deliver billions of dollars to compensate victims, abate the opioid crisis, and deliver treatment and overdose rescue medicines that will save lives."
The settlement, one of the largest in a series of lawsuits against companies involved in the epidemic, is awaiting court approval and finalization of some details.
Connecticut Attorney General William Tong noted that the settlement would offer closure to victims even though "There is not enough money in the world to make it right."
A woman, in recovery for 17 years due to OxyContin addiction, commended the agreement, expressing, "Everything in my life is shaped by a company that put profits over human lives."
Purdue garnered recognition in the US as the producer of OxyContin, promoting it as safe despite knowing its highly addictive and abusive nature. Deaths from opioid overdoses soared annually since its introduction in 1999.
Allegations in court filings suggest the Sackler family was aware of legal risks, withdrawing $11 billion from the company before its bankruptcy, much of which was moved overseas, making recovery challenging.