A federal bankruptcy judge said Friday he will approve a massive settlement with OxyContin-maker Purdue Pharma that includes more than $73 million for Kentucky as part of a $7.4 billion national agreement.
U.S. Bankruptcy Judge Sean Lane announced his decision after a three-day hearing in New York.
Kentucky Attorney General Russell Coleman announced the state’s participation in the settlement in June, bringing Kentucky’s total recovery from opioid companies to more than $1 billion.
The new deal replaces one the U.S. Supreme Court rejected last year because it would have improperly protected Sackler family members from future lawsuits. The settlement is among the largest in a series of opioid deals connected to a crisis that has killed 900,000 people nationwide since 1999.
Under the agreement, Sackler family members would give up ownership of Purdue and be barred from involvement in opioid companies worldwide. The company would be renamed Knoa Pharma with new overseers dedicating future profits to fighting the opioid crisis.
In Kentucky, half the settlement money will go to the Kentucky Opioid Abatement Advisory Commission for prevention, treatment and recovery programs. The other half goes to cities and counties using a predetermined formula.
Coleman said with more than $1 billion total, Kentucky is investing in programs that will save lives and turn the page on the drug crisis. This follows a previous $24 million settlement with Purdue in 2015.
Source: WBKO
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