NEWPORT — The state of Vermont has decided to reject an offer by the Sackler family, owners of Purdue Pharma, which markets the pharmaceutical opioid OxyContin
Vermont Attorney General TJ Donovan said the offer is not fully developed and he wants to be certain that any benefit is not illusory, adding that the value of the settlement is also not fully guaranteed.
Although it has been reported that the total value of the offer is $10-12 billion, Donovan says this is incorrect, and that only a fraction is guaranteed.
“Vermont demands more certainty and guarantees regarding the money in order to effectively address the opioids crisis in Vermont,” Donovan said.
Donovan says he would prefer to shut down the company, sell the company’s assets, and put the proceeds to use helping Vermonters whose lives have been ruined.
“I want to be sure that billionaires can’t use bankruptcy court as a vehicle to avoid accountability,” he added.
According to NBC News, officials in 27 states and territories and lawyers for more than 2,000 cities and counties announced Wednesday they had agreed to a tentative multi-billion-dollar settlement with Purdue Pharma, the maker of the opioid OxyContin, for its role in the opioid crisis.
At least 20 other state attorneys general who are suing the drug company told NBC News they have not agreed to the deal with Purdue Pharma and the Sackler family, which owns the firm.
Last March the Vermont joined the suit against the Sacklers.