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Judy, to be clear, the deal is not yet finalized. But plaintiffs’ lawyers and Purdue Pharma have confirmed they are working on a settlement.
Now, the settlement would reportedly include a payout of up to $12 billion to states, cities and counties over a number of years, $3 billion from the Sackler family directly, which owns Purdue Pharma. The Sacklers would also give up control of Purdue Pharma.
There would be a major change for the company as well. Purdue Pharma would declare bankruptcy. It would then be converted into a public trust focused on combating the opioid epidemic.
Several attorneys general said this was a settlement in the best interest of their communities.
But others are against it, including William Tong, the Connecticut attorney general. Purdue Pharma’s headquarters are in his state.
And he joins us live now.
Attorney General Tong, thank you for being with us tonight.
Let’s just begin with the big question. Why are you opposed to this tentative settlement?