United States  

Purdue Pharma files for bankruptcy as part of settlement

SeattlePI.com Monday, 16 September 2019
Purdue Pharma, the company that made billions selling the prescription painkiller OxyContin, filed for bankruptcy in White Plains, New York, days after reaching a tentative settlement with many of the state and local governments suing it over the toll of opioids.

The filing was anticipated before and after the tentative deal, which could be worth up to $12 billion over time, was struck.

"This settlement framework avoids wasting hundreds of millions of dollars and years on protracted litigation," Steve Miller, chairman of Purdue's board of directors, said in a statement, "and instead will provide billions of dollars and critical resources to communities across the country trying to cope with the opioid crisis. We will continue to work with state attorneys general and other plaintiff representatives to finalize and implement this agreement as quickly as possible."

But legal battles still lie ahead for Stamford, Connecticut-based Purdue, which is spending millions on legal costs as it defends itself in lawsuits from 2,600 government and other entities. About half the states have not signed onto the proposal. And several of them plan to object to the settlement in bankruptcy court and to continue litigation in other courts against members of the Sackler family, which owns the company. The family agreed to pay at least $3 billion in the settlement plus contribute the company itself, which is to be reformed with its future profits going to the company's creditors.

In a statement, the families of late company owners Mortimer and Raymond Sackler said they have "deep compassion for the victims of the opioid crisis" and believe the settlement framework "is an historic step toward providing critical resources that address a tragic public health situation."

Objections came over the amount of the deal, which some officials say...
0
shares
ShareTweetSavePostSend
 
Video Credit: Wibbitz Studio - Published
News video: Purdue Pharma Files for Bankruptcy

Purdue Pharma Files for Bankruptcy 01:42

Purdue Pharma Files for Bankruptcy . The maker of OxyContin filed for Chapter 11 bankruptcy protection on Sunday. . A tentative settlement was made last week with more than 2,000 local governments . for Purdue Pharma's alleged role in fueling the opioid crisis. . This settlement framework avoids...

You Might Like


Related videos from verified sources

Wisconsin will not join tentative settlement agreement with Purdue Pharma [Video]

Wisconsin will not join tentative settlement agreement with Purdue Pharma

As OxyContin manufacturer Purdue Pharma files for bankruptcy, some states have not signed on to a tentative settlement agreement.

Credit: WKBTPublished
Purdue Pharma's Bankruptcy Move Draws Criticism Amid Ongoing Opioid Epidemic [Video]

Purdue Pharma's Bankruptcy Move Draws Criticism Amid Ongoing Opioid Epidemic

Purdue Pharma, the company behind the prescription painkiller OxyContin, has filed for bankruptcy. The filing comes days after it reached a settlement with more than 20 states which blame Purdue for..

Credit: CBS 2 New York     Duration: 02:20Published
Oxycontin Maker Purdue Pharma Declares Bankruptcy After Opioid Crisis Settlement [Video]

Oxycontin Maker Purdue Pharma Declares Bankruptcy After Opioid Crisis Settlement

According to Purdue Pharma, the bankruptcy is worth $10 billion and will go toward addressing the opioid crisis in New York, New Jersey and elsewhere around the country. CBSN New York's Aundrea..

Credit: CBS 2 New York     Duration: 02:33Published

Related news from verified sources

OxyContin maker Purdue Pharma files for bankruptcy as part of settlement

OxyContin maker Purdue Pharma filed for bankruptcy after reaching a tentative settlement.
USATODAY.com

Purdue Pharma files for bankruptcy as part of settlement

The company that made billions selling the prescription painkiller OxyContin has filed for bankruptcy days after reaching a tentative settlement with many of the...
Seattle Times

Opioid maker Purdue Pharma files for bankruptcy as part of settlement


MarketWatch


Tweets about this