The Sackler family would reportedly give up ownership of Purdue Pharma and pay $3 billion of its own money to settle thousands of federal and state lawsuits that accuse the family and drugmaker of fueling the opioid epidemic, a person familiar with the negotiations told The New York Times.
The tentative negotiated agreement, which includes the family's and company's contributions, would be $10 billion to $12 billion. It would not be a cash payout; instead most of the money would come from restructuring the company under a Chapter 11 bankruptcy filing.
The discussions about a settlement have been going on for months, according to the report.
Purdue Pharma and the Sacklers are looking to settle more than 2,000 claims that the company used deceptive marketing and sales practices to boost prescriptions of OxyContin, the Times reported. Plaintiffs argue the tactics contributed to the national opioid epidemic.
The Sackler family and Purdue Pharma have denied the allegations.