Purdue Pharma, the company behind OxyContin, files for bankruptcy protection amid more than 2,600 lawsuits alleging the company helped fuel the deadly U.S. opioid epidemic. More here:
NEW YORK - OxyContin maker Purdue Pharma LP filed for bankruptcy protection Sunday night, succumbing to pressure from more than 2,600 lawsuits alleging the company helped fuel the deadly U.S. opioid epidemic.
Thousands of cities and counties, along with nearly every state, have sued Purdue and, in some cases, its controlling Sackler family. The lawsuits, seeking billions of dollars in damages, claim the company and family aggressively marketed prescription painkillers while misleading doctors and patients about their addiction and overdose risks.
In a statement, members of the Sackler family controlling Purdue said they hoped those opposing the current settlement offer would eventually change their minds. States suing the Sacklers, including several over the past week, allege the family improperly reaped billions of dollars from opioid sales despite knowledge of their harmful effects. The Sacklers, some of whom previously served on the Purdue’s board and are well-known wealthy philanthropists, have denied the allegations.
On Friday, New York Attorney General Letitia James said she uncovered roughly $1 billion in wire transfers “between the Sacklers, entities they control and different financial institutions, including those that have funneled funds into Swiss bank accounts.”
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