Purdue Pharma files for bankruptcy as part of opioid crisis lawsuits as many state attorneys vow to keep fighting the makers of OxyContin.
Purdue Pharma, the makers of the highly addictive painkiller OxyContin, filed for Chapter 11 bankruptcy Sunday as part of an agreement for settling a myriad of lawsuits it faces over the nation's opioid crisis.
The bankruptcy filing is also part of the framework for settling lawsuits the company faces from 24 state attorneys general, the company added. As part of the settlement -- which is pending court approvals -- the Sackler family must contribute a minimum of $3 billion in addition to their pharmaceutical company.
“This settlement framework avoids wasting hundreds of millions of dollars and years on protracted litigation, and instead will provide billions of dollars and critical resources to communities across the country trying to cope with the opioid crisis," he added."We will continue to work with state attorneys general and other plaintiff representatives to finalize and implement this agreement as quickly as possible.
"As a result of these collaborative efforts, and unlike other bankruptcies that tie up company revenues, the bankruptcy filing will not prevent us from finalizing an agreement with Purdue to bring opioid recovery resources into the communities we represent," attorneys Paul J. Hanly Jr., Paul T. Farrell Jr., and Joe Rice, the executive committee co-leads from the National Prescription Opiate Litigation, added in a statement.
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