Opioid Crisis Purdue

FILE - This Feb. 19, 2013 file photo shows OxyContin pills arranged for a photo at a pharmacy in Montpelier, Vt. State attorneys general and lawyers representing local governments said Tuesday, Aug. 27, 2019, they are in active negotiations with Purdue Pharma, maker of the prescription painkiller OxyContin, as they attempt to reach a landmark settlement over the nation's opioid crisis. (AP Photo/Toby Talbot, File)

COLUMBUS, Ohio — Purdue Pharma and the thousands of state and local governments suing the maker of OxyContin over the nation's deadly opioid crisis are negotiating a $10 billion to $12 billion settlement under which the Sackler family would give up ownership of the company, according to published reports.

Under the proposal now on the table, the Sacklers would contribute $3 billion of their own money toward the total, and the company would file for Chapter 11 bankruptcy and transform itself into a "public beneficiary trust," with all profits from drug sales going to the plaintiffs, The New York Times reported Wednesday. It said a document outlining the tentative agreement was described to the newspaper.

(Copyright © 2019 APG Media)

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