Tennessee signs on to opioid settlement with Purdue Pharma, Sackler family

Tennessee has signed on to a $7.4 billion settlement with Purdue Pharma and its owners, the Sackler Family, which would resolve litigation between the company and the family for their roles in creating and worsening the opioid crisis nationwide. Tennessee Attorney General Jonathan Skrmetti today announced is one 55 attorneys general, representing all eligible states and U.S. territories, who agreed to sign on to the case. Now that the state sign-on period has concluded, local governments across the country will be asked to join the settlement contingent on bankruptcy court proceedings. Most of the settlement funds will be distributed in the first three years. The Sacklers will pay $1.5 billion, and Purdue will pay roughly $900 million in the first payment, followed by $500 million after one year, an additional $500 million after two years, and $400 million after three years. Like prior opioid settlements, the settlement with Purdue and the Sacklers will involve the resolution of legal claims by state and local governments. The local government sign-on and voting solicitation process for this settlement will be contingent on bankruptcy court approval. A hearing is scheduled on that matter in the coming days. Including this new settlement, Tennessee has obtained settlements committing nearly $1.3 billion in funds from companies that helped fuel the opioid epidemic.