Purdue Pharma , Seeks Approval for the Latest , OxyContin Settlement .<br />On March 9, Purdue Pharma will seek to have a federal judge approve a nationwide settlement that will transform the company into a public trust. .<br />On March 9, Purdue Pharma will seek to have a federal judge approve a nationwide settlement that will transform the company into a public trust. .<br />The Associated Press reports that the settlement <br />will also contribute up to $6 billion toward efforts <br />to combat the nation's overdose and addiction crisis. .<br />The settlement requires <br />the Sackler family, who owns Purdue, <br />to relinquish ownership of the company. .<br />The deal would also see Purdue Pharma <br />transformed into a new company <br />called Knoa Pharma. .<br />Profits from the new company would be used to fight <br />the opioid crisis, which has already been linked to the <br />deaths of over 500,000 U.S. citizens in the last 20 years. .<br />In exchange for protection from civil lawsuits, <br />the settlement requires the Sacklers<br />to pay between $5.5 and $6 billion. .<br />According to the AP, the majority of the money <br />is meant for state and local governments <br />to address the crisis. .<br />An additional $750 million is intended <br />to be distributed among victims <br />and survivors of the epidemic.<br />Another $100 million is reserved <br />for medical monitoring and payments <br />for children born into opioid addiction. .<br />$150 million will also <br />go to Native American tribes <br />impacted by the crisis. .<br />Purdue Pharma has twice pleaded guilty <br />to criminal charges over the company's <br />promotion and sale of OxyContin. .<br />Purdue Pharma has twice pleaded guilty <br />to criminal charges over the company's <br />promotion and sale of OxyContin.
