Manufacturing News

Oxycontin maker Purdue hopes to settle opioid lawsuits, files for bankruptcy

By By Tom Hals and Nate Raymond for Reuters

Sep 17, 2019

Oxycontin maker Purdue Pharma LP on Tuesday told a bankruptcy judge it hopes to broaden support for a proposed settlement of more than 2,600 lawsuits alleging that the company fueled the U.S. opioid crisis.

A lawyer representing the company told U.S. Bankruptcy Judge Robert Drain in White Plains, New York that the case was an opportunity to end a “chaotic maelstrom” of litigation.

The company filed for bankruptcy on Sunday after reaching an outline of a deal with the states and local governments that have accused the company of deceptively marketing opioids by overstating benefits and downplaying risks.

The settlement, which Purdue estimates is worth more than $10 billion, would require the Sackler family to cede ownership of Purdue to a trust, to sell their non-U.S. pharmaceutical businesses and to contribute at least $3 billion.

To learn more, read "Oxycontin maker Purdue begins bankruptcy in push to settle opioid lawsuits" from Reuters.

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