OxyContin maker Purdue Pharma LP filed for bankruptcy protection after reaching ...
- OxyContin maker Purdue Pharma LP filed for bankruptcy protection after reaching a partial deal to resolve more than 2,600 lawsuits alleging it helped fuel the U.S. opioid crisis.
On the other side are two dozen states that remain opposed or uncommitted to the proposed settlement, setting the stage for contentious legal battles over who bears responsibility for a public health crisis that has claimed the lives of nearly 400,000 people between 1999 and 2017, according to the latest U.S. data.
Purdue Chairman Steve Miller in an interview on Sunday night said continued litigation in bankruptcy would deplete the company’s assets. Purdue projected spending $263 million this year on legal and professional fees, with nearly half devoted to opioid litigation alone, according to bankruptcy-court records. The legal skirmishes begin with Purdue’s first-day bankruptcy hearing on Tuesday in a White Plains, New York, federal court.
*The Sacklers could attempt to use bankruptcy proceedings to largely shield themselves from future legal exposure and the possible financial liabilities associated with it. Settlements approved in bankruptcy court often come with legal releases. Some states are likely to fight that.
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