OxyContin maker Purdue Pharma reaches $8.34 bil settlement, pleads guilty for role in opioid case

The Department of Justice reached an $8.34 billion settlement with Purdue Pharma, the maker of OxyContin, said the department on Wednesday.

The company, now bankrupt, will be required to turn over future profits to cities and states that accuse it of playing a meaningful role in facilitating the opioid crisis. Purdue has also agreed to plead guilty to three counts pertaining to payments to healthcare providers. 

Wednesday’s announcement puts an end to the years-long case that investigated the marketing and distribution of the powerful painkiller. 

Despite the fact that the current assets of Purdue Pharma fall well short of $8 billion, the Sackler family, who own the company, will contribute $225 million to resolve separate civil claims and the company will pay $225 million to the federal government.

Today’s deal does not prevent the government from filing suits against the owners of Purdue in the future.