September 2019

Opioid Maker Purdue Pharma May File for Bankruptcy

The company is currently facing over 2,000 lawsuits from multiple U.S. states. Filings claim that the oxycontin maker helped fuel the current opioid crisis in America. According to 'Reuters,' Purdue will file for bankruptcy if it fails to settle the lawsuits. In declaring bankruptcy, the company would also avoid a trial set for next month. Purdue has offered up to $12 billion for the settlement, but some states have rejected it. In order for the deal to be accepted, 'Reuters' says 35 attorney generals must approve. The deal would also see the Sackler family, who own Purdue, step down from their roles. $3 billion of the Sackler fortune would also be given away to settle the lawsuit. Attorney generals who have rejected the offer say the Sackler's are not contributing enough.