Members of the Sackler family who own OxyContin maker Purdue Pharma must pay billions of dollars to settle a flood of lawsuits over the harms of opioids, under a new deal that was formally approved by a federal bankruptcy judge on Tuesday.

What You Need To Know

A bankruptcy court judge has approved the settlement of thousands of lawsuits against Purdue Pharma, maker of the powerful prescription painkiller OxyContin

The deal approved on Tuesday requires members of the Sackler family who own the company to contribute up to $7 billion over time, plus give up ownership of the business

Thousands of victims of the opioid epidemic could be paid thousands of dollars each

The opioid crisis has been linked to more than 900,000 deaths in the U.S. since 1999

The Sackler family must contribute up

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