The devastating consequences of the opioid epidemic that ensued led to a historic payout agreement of more than $8.3 billion for damages from Purdue Pharma and the Sackler family alone. This settlement—one of the largest payouts in U.S. history—holds Purdue Pharma accountable for its role, as well as that of its founders, in the opioid epidemic. Today, it is seen as a step toward holding responsible pharmaceutical companies for deceptive marketing that plays a factor in the rising cases of drug abuse and addiction.
Legal settlements with opioid manufacturers, pharmaceutical distributors, and pharmacies for their involvement in the opioid epidemic, which resulted in more than half a million deaths throughout the past 20 years, will soon provide states, cities, and counties with billions in compensation to be used toward opioid treatment, recovery, and rehabilitation.
The leading pharmaceutical manufacturer and the three biggest drug distributors stated that most states and localities agreed to their $26 billion settlement offer to resolve numerous civil claims linked to the fatal opioid crisis. Payments began this past summer and will continue for the next 18 to 20 years.
These massive payouts will be distributed to communities impacted by the opioid epidemic and are intended to expediate treatment and recovery programs, increase education and prevention initiatives, and assist local law enforcement efforts. The settlement also includes provisions for greater transparency in the marketing of opioids and improved monitoring of opioid prescriptions.
Under the settlement terms, these disbursements will be through small payments throughout the next two decades. Citing this long timeframe and small annual amounts, some State Attorney Generals believe the settlement is not nearly good enough, as it stretches woefully insufficient funds to tens of thousands of counties and municipalities as the opioid crises continues to cause immeasurable harm to our communities. Concerns also persist around the role that federal regulators and doctors played in the crisis. These concerns ultimately could produce additional litigation and further delays in the distribution of these much-needed funds.
RD Legal Funding, LLC can assist state and local governments to cut through the future bureaucratic red tape that we all know is coming. Whether these payouts are further delayed by additional litigation surrounding the allocation of the future payments, the accounting and administration of those payments, or simply future court delays – we can rest assured that these payments will be “a day late and a dollar short”. The other concern, of course, is that the minimal per annum distributions to municipalities will be inadequate to achieve any meaningful impact on rehabilitation, when the epidemic is spiraling out of control.
RD Legal Funding, LLC can assist by accelerating the anticipated future opioid related settlement distributions, taking on the risk of time and the per annum payment amounts. Most importantly, RD Legal can provide significant operating capital and cash flow to states and local municipalities, helping to quicken their local education and rehabilitation programs.
The settlement is a significant milestone in the fight against the opioid epidemic. It represents a recognition of the harm caused by the aggressive marketing and over-prescription of opioids and a commitment to preventing future harm. The settlement money will provide much-needed support to those battling addiction and will help fund vital treatment and recovery programs. RD Legal can help local and state governments put the settlement funds to the best possible use, today.
Roni Dersovitz established RD Legal Funding to ensure you have the right partner on your side of the bench. RD Legal can accommodate the litigatio nfinancing needs of clients, their counsel and supporting vendors. Its core emphasis centers on larger, complex cases that typically have significant post-settlement payment, administrative, or appeals delays. At its core, RD Legal identifies complex litigation and assist plaintiffs, attorneys, administrators, and other professionals in finding ways to meet their cash flow needs.
Other financial institutions often fail to grasp the complexities of the litigation process, its risks and duration. RD Legal doesn’t. As a pioneer in the world of litigation finance, our firm specializes in alleviating the inconsistent cash flow inherent with time-consuming and complex litigation, offering an attractive alternative to banks and other lenders.