Purdue Pharma, which made billions selling the prescription painkiller OxyContin, files for bankruptcy
Purdue Pharma, the company that made billions selling the prescription painkiller OxyContin, filed for bankruptcy in White Plains, N.Y., days after reaching a tentative settlement with many of the state and local governments suing it over the toll of opioids.
But legal battles still lie ahead for Stamford, Conn.-based Purdue, which is spending millions on legal costs as it defends itself in lawsuits from 2,600 government and other entities. About half the states have not signed onto the proposal. And several of them plan to object to the settlement in bankruptcy court and to continue litigation in other courts against members of the Sackler family, which owns the company.
Because so many states balked at the settlement, it could complicate the bankruptcy process. The Sackler family members said they’re still trying to get more states to sign on.“We are hopeful that in time, those parties who are not yet supportive will ultimately shift their focus to the critical resources that the settlement provides to people and problems that need them,” they said.
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