United States  

Celebrating 10 Years of Trusted News Discovery
One News Page
> > >

OxyContin maker files for bankruptcy

Video Credit: Reuters Studio - Duration: 01:24s - Published < > Embed
OxyContin maker files for bankruptcy

OxyContin maker files for bankruptcy

Purdue Pharma, the company behind OxyContin, filed for bankruptcy protection Sunday night (September 15), amid more than 2,600 lawsuits alleging the company helped fuel the deadly U.S. opioid epidemic.

Ryan Brooks reports.

0
shares
ShareTweetSavePostSend
 

OxyContin maker files for bankruptcy

OxyContin maker Purdue Pharma filed for bankruptcy in New York late Sunday (September 15), succumbing to pressure from more than 2,000 lawsuits.

The company is accused of helping fuel the deadly U.S. opiod epidemic.

It says it's reached a tentative deal that could be worth more than $10 billion dollars.

The Chapter 11 filing was a long-expected move aimed at settling the widespread litigation.

But the legal battles aren't over.

At least two dozen U.S. states haven't committed to the settlement, seemingly stuck over who's responsible for a health crisis that's led to nearly 400,000 deaths.

Thousands of cities and countries - and nearly every state - have sued Purdue and its controlling Sackler family.

They claim both the company and family made billions by aggressively marketing painkillers while misleading doctors and patients about risks of addiction and overdose.

Some opposing states question Purdue over its $10 billion dollar valuation of the deal.

They also want the Sacklers to guarantee more of their own money will go towards a settlement.

Sources close to the deal's terms say the family has offered $3 billion in cash and another $1.5 billion after selling another company they own.

In a statement, Sackler family members said they hoped those opposed to the deal would change their minds.

Purdue and the Sacklers have denied allegations.



Recent related news from verified sources

Committee pitches concept to settle all opioid lawsuits

A committee that's guiding OxyContin maker Purdue Pharma's bankruptcy is suggesting other drugmakers,...
SeattlePI.com - Published Also reported by •Seattle Times



You Might Like


Recent related videos from verified sources

Purdue Pharma Files for Bankruptcy [Video]Purdue Pharma Files for Bankruptcy

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..

Credit: Wibbitz Top Stories     Duration: 01:43Published

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

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.