Purdue Pharma settlement takes effect

The landmark $7.4 billion settlement involving OxyContin maker Purdue Pharma and the Sackler family has officially taken effect, resolving thousands of lawsuits over the company's role in the opioid epidemic.

The deal paves the way for the company's replacement by a new public-benefit entity focused on addiction treatment and recovery services.

While the settlement provides billions for state and local governments, many families of victims have criticized the deal for granting the Sacklers immunity from future civil lawsuits.

The Department of Justice has hailed the agreement as a significant step toward holding the industry accountable.