Letitia James Blasts Purdue Pharma's Sacklers After $7.4 Billion Settlement

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Members of the family that owns Purdue Pharma, the maker of OxyContin, have agreed to pay up to $7.4 billion in a new settlement related to lawsuits over the impact of the powerful prescription painkiller.

New York Attorney General Letitia James announced the agreement on Thursday. The deal, reached between Purdue Pharma, the Sackler family members who own the company, and lawyers representing state and local governments along with thousands of opioid crisis victims, marks an over $1 billion increase from a previous settlement that was rejected by the U.S. Supreme Court last year.

"Families throughout New York and across the nation are suffering from the immense pain and loss wrought by the opioid crisis," James said in a statement. "The Sackler family relentlessly pursued profit at the expense of vulnerable patients and played a critical role in starting and fueling the opioid epidemic. While no amount of money will ever fully repair the damage they caused, this massive influx of funds will bring resources to communities in need so that we can heal. The Sacklers no longer have control of Purdue and will never be allowed to sell opioids in the United States again. I will continue to go after the companies that caused the opioid epidemic and fight to get justice for those who have suffered."

This settlement is among the largest reached in recent years as part of a series of lawsuits brought by local, state, Native American tribal governments, and others seeking to hold companies accountable for the deadly opioid epidemic. In addition to the Purdue agreement, other settlements amounting to roughly $50 billion have been announced, with most funds required to be used to address the crisis.

The deal still requires court approval, and some details are yet to be finalized.

More to follow.