DENVER — Colorado has agreed to a $7.4 billion settlement agreement with Purdue Pharma and its owners, the Sackler family.
Attorney General Phil Weiser announced the move, along with attorney generals across the country, saying this was an important move to hold the company accountable for its role in fueling and profiting off the opioid crisis.
In a statement, Weiser, who is also running for Colorado governor wrote:
“Seeing this work to completion marks the end of an important chapter and an opportunity to support Colorado’s nationally recognized opioid crisis response work. The Sacklers’ conduct was outrageous, illegal, and immoral; this settlement ends their involvement with Purdue Pharma and provides a measure of accountability for their wrongdoing.”
If the settlement is finalized, Colorado is expected to receive approximately $75 million over the next 15 years. This agreement marks one of the largest national settlements related to the opioid crisis. Every state, Washington, D.C., and four U.S. territories have agreed to this settlement.
This is not the first time Colorado is receiving money from settlements regarding the opioid crisis.
In the last year and a half, Colorado received roughly $132 million. That money was used to enhance various initiatives, including more than $1 million allocated to Larimer County to expand its co-responder unit, which pairs law enforcement with mental health professionals.
In Denver, over $300,000 has been dedicated to naloxone distribution and harm reduction efforts, as one example. Additionally, more than $100,000 has been provided to the San Luis Valley to establish and operate the first treatment center in that region. That investment address a significant issue, which is barriers to accessing care, because there aren't enough treatment options or it's too far away, especially outside the urban areas.
In a statement shared with ABC News earlier this week, a spokesperson for Purdue Pharma said:
"Today’s announcement of unanimous support among the states and territories is a critical milestone towards confirming a Plan of Reorganization that will provide billions of dollars to compensate victims, abate the opioid crisis, and deliver opioid use disorder and overdose rescue medicines that will save American lives. We appreciate the extraordinarily hard work of the state attorneys general and our other creditors in getting us to this point, and we look forward to soliciting creditor votes on the Plan after the disclosure statement is approved."
