Judge says he'll approve opioid settlement with OxyContin maker Purdue and Sackler family

A federal bankruptcy judge has announced he will approve Purdue Pharma's deal to settle numerous lawsuits related to the opioid crisis. This agreement involves the Sackler family contributing up to $7 billion and relinquishing ownership. It replaces a previous deal rejected by the Supreme Court due to its provision for family immunity from future lawsuits. The settlement, part of a broader series of opioid-related agreements exceeding $50 billion, is aimed at addressing the impacts of opioids, linked to 900,000 U.S. deaths since 1999. Claims suggest the new arrangement provides some compensation to victims.

Key aspects include a commitment of $850 million for affected individuals and a name change for Purdue Pharma to Knoa Pharma. Future profits will be directed at opioid crisis initiatives.