September 2019

Purdue Pharma Files for Bankruptcy

The maker of OxyContin filed for Chapter 11 bankruptcy protection on Sunday. . A tentative settlement was made last week with more than 2,000 local governments . for Purdue Pharma's alleged role in fueling the opioid crisis. . This settlement framework avoids wasting hundreds of millions of dollars and years on protracted litigation. , Steve Miller, Purdue chairman, via statement. And instead will provide billions of dollars and critical resources to communities across the country trying to cope with the opioid crisis. , Steve Miller, via statement. The Sackler family, which owns the company, will pay at least $3 billion in the settlement. . They will also contribute revenue from future sales of OxyContin to communities affected by the opioid crisis. . Purdue has not admitted any wrongdoing and does not intend to as part of the settlement. . The resumption of litigation would rapidly diminish all the resources of the company and would be lose-lose-lose all the way around. Whatever people might wish for is not on the table now. , Steve Miller, via statement.