Purdue Pharma, manufacturer of painkiller OxyContin, has tentatively settled a multibillion-dollar case with attorneys representing over 2,000 states, cities, counties and Native American tribes that sued the company for its role in fueling the opioid crisis, The New York Times reports.
As part of the settlement, Purdue is expected to file for Chapter 11 bankruptcy. The company’s owners, members of the Sackler family, would dissolve Purdue Pharma and form a new company that would continue to sell Oxycontin, with proceeds benefitting the plaintiffs via a public beneficiary company. Purdue would also donate “rescue” drugs,...
As part of the settlement, Purdue is expected to file for Chapter 11 bankruptcy. The company’s owners, members of the Sackler family, would dissolve Purdue Pharma and form a new company that would continue to sell Oxycontin, with proceeds benefitting the plaintiffs via a public beneficiary company. Purdue would also donate “rescue” drugs,...
- 9/11/2019
- by Ryan Reed
- Rollingstone.com
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