Purdue Pharma has reached a tenative settlement in a landmark lawsuit with thousands of plaintiffs that alleged the company was responsible for addicting people to opioids, The New York Times and the The Washington Post report.
According to the Times, Purdue's owners, the Sackler family, will pay $3 billion over seven years. The settlement includes the dissolution of Purdue as it now exists, and the company is expected to file for bankruptcy.
The new formation of the company will reportedly still be able to sell OxyContin, the drug at the center of many of the lawsuits. The settlement also does not include a statement of wrongdoing.
More on this as it develops.