Purdue Pharma, Sackler family to settle U.S. opioid lawsuits for US$7.4B
A framework for the settlement had been announced in January by New York Attorney General Letitia James and other states, and the support announced on Monday could help Purdue Pharma win court approval for its bankruptcy reorganization.
The $7.4 billion payment is intended to resolve claims that the drugmaker's pain medication OxyContin caused a nationwide opioid addiction crisis.
It includes about $6.5 billion from the Sacklers and about $900 million from Purdue Pharma.
Payouts would begin after the drugmaker wins sufficient creditor support for its Chapter 11 plan. Money would go to individuals, state and local governments, and Native American tribes, and the Sacklers would cede control of Purdue and be barred from selling opioids in the United States.
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'For decades, the Sacklers put profits over people, and played a leading role in fueling the epidemic,' James said in a statement. 'While no amount of money can fully heal the destruction they caused, these funds will save lives and help our communities fight back against the opioid crisis.'
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According to several attorneys general, Monday's agreements do not include Oklahoma, which in 2019 reached a $270 million settlement with Purdue Pharma and the Sacklers to resolve opioid-related claims.
1:01
U.S. Supreme Court rejects national opioid settlement with Purdue Pharma
Last June, the U.S. Supreme Court rejected an earlier settlement that would have given the Sacklers broad immunity from opioid-related civil lawsuits. The Sacklers would have paid about $6 billion under that settlement.
More than 850,000 people have died from opioid-related overdoses since 1999, according to the U.S. Centers for Disease Control and Prevention, though deaths have recently declined.
In 2022, Purdue agreed to pay $150 million to Canadian provinces and territories to resolve a class-action lawsuit against the company over the opioid crisis in Canada. The sum was the largest settlement for a government health claim in Canadian history.
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This, said Cohen, 'contributed to the additional defence spending that has occurred – and made it easier for (Trudeau and Carney) to make commitments about increasing the amount of investment that Canada would make toward defence, ultimately being able to sign off on the new five per cent threshold that was agreed to this year.' Essential reading for hockey fans who eat, sleep, Canucks, repeat. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Q: How well do you think Carney's team has been doing amid the trade war and negotiations? A: 'Prime Minister Carney and Canada are doing about as good a job as they can do in very difficult negotiations that are not always rationality-based … President Trump has not been all that crystal clear at times about exactly what it is he wants to accomplish and the underlying reasons for his positioning,' he said. 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A: Cohen noted the trust quotient between the U.S. and Canada plummeted from about 58 per cent during the Obama era to around 10 per cent in Trump's first term, before climbing back to the mid-50 per cent range under Biden. Today it's at 16 per cent. 'That history says it'll take work, it'll take effort from the United States perspective – we'll be dealing with a skeptical Canadian audience,' he said. 'But the U.S. market is too attractive (to not repair the relationship). The Canadian market is historically too much of an integral partner within that market.' This advertisement has not loaded yet, but your article continues below. 'With a different government and a different approach, I think businesses on both sides of the border will probably be more ready to come back to the table and to engage in rebuilding the relationship. I think it's going to take more to convince the Canadian public that the United States really does care about Canada, although I think that is achievable.' Q: Can friction between the U.S. and Canada be a good thing? Can tariffs? A: 'I think civil friction is healthy because it respects the sovereignty of our allies and often ends up improving the United States' decision-making,' Cohen said. 'But I don't think just because the United States is the largest economy on earth, has 10 times the population, a much higher GDP, and just because we dominate the trade relationship, means that everything we say Canada should agree to just because we say it.' This advertisement has not loaded yet, but your article continues below. On tariffs, Cohen said he is mostly a free-trade supporter and believes governments should get out of the way of businesses, the true drivers of economies. 'I think tariffs are really dangerous tools to use because I think they can interfere with the natural work of businesses in growing economies — that is what businesses do better than governments.' But Cohen also noted that targeted use of tariffs can be appropriate. He cited the example of softwood lumber tariffs, used by both Trump and Biden. 'It is just about indisputable that Canada, through its governmental policies by the federal government and by multiple provincial governments, unfairly favours Canadian lumber producers, creates preferential treatment for Canadian lumber producers, and discriminates against U.S. lumber producers.' This advertisement has not loaded yet, but your article continues below. 'As a result, U.S. lumber producers are disadvantaged vis-à-vis Canadian lumber producers, and the mechanism for levelling that playing field is the countervailing softwood lumber tariffs.' Cohen also said tariffs can be helpful as leverage to negotiate things like boosted defence spending for NATO. 'I think that's a good thing,' he said. But he also criticized Trump's across-the-board high tariffs, like the 25 per cent tariff on potash, an essential farming input that's scarce in the U.S., as making no sense. Q: How is your successor, Ambassador Pete Hoekstra, doing in his job? A: 'I think he's in a very difficult position because (he's not a free agent but a personal representative of President Trump, but …) he's from a border state and has a longstanding understanding of the U.S.-Canada relationship and its importance from his Michigan roots,' Cohen said, noting how the former representative for Michigan's 2nd congressional district has gone out of his way to repeatedly talk about the importance of the Canada-U.S. relationship. This advertisement has not loaded yet, but your article continues below. U.S. Ambassador to Canada Pete Hoekstra. Photo by Justin Tang/The Canadian Press/File 'I think he's doing the best job he can to continue to send a message about the value that he personally and that the country puts on the U.S.-Canada relationship.' Q: Any final advice for Canadians about their relationship with the U.S.? A: 'There's almost an inferiority complex in Canada — lines like 'we're the stepchild' or 'not big enough to matter' — I always hated that,' he said, noting how Canada undervalues its importance as a friend, partner, and ally. 'There are things Canada can do that the United States cannot, because internationally, (the U.S.) is the 800-pound gorilla. Canada, though, gets to be in conversations in the global south where it can express views about promoting democracy and democratic values that, if promoted by the U.S., would fall on deaf ears. Canada can open the door and help achieve America's No. 1 foreign policy goal, which is the promotion of democracy and democratic values around the world. ' This advertisement has not loaded yet, but your article continues below. Canada should never also never undervalue the role it has played in its actions, Cohen said. 'When the United States went into Afghanistan, Canada was the first country to join us. Americans should never forget what Canada did in the (Canadian) Caper, getting our last diplomats out of Iran safely (after the 1979 revolution), at great danger to the individual Canadian diplomats and to Canada on the international stage. 'On the one hand, be proud and recognize how incredibly important you are to this relationship … On the other hand, recognize that in tough negotiations, you may not have the best hand because of the asymmetry of the financial nature of the relationship.' 'That tension is one of the most interesting aspects of dealing with Canada.' National Post tmoran@ Read More Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our newsletters here. Local News Vancouver Whitecaps Vancouver Canucks Sports Crime
