Purdue Pharma, facing over 2000 opioid crisis lawsuits, files for bankruptcy protection

Purdue Pharma headquarters in Stamford, Conn. The company which makes OxyContin and other drugs, filed court papers in New York on Sunday, Sept. 15 seeking Chapter 11 bankruptcy protection.OxyContin maker Purdue Pharma LP filed for bankruptcy protection in New York Sunday night, succumbing to pressure from more than 2,000 lawsuits alleging the company helped fuel the deadly U.S. opioid epidemic.

Thousands of cities and counties, along with nearly every state, have sued Purdue and, in some cases, its controlling Sackler family. The lawsuits, seeking billions of dollars in damages, claim the company and family aggressively marketed prescription painkillers while misleading doctors and patients about their addiction and overdose risks.

Miller said Purdue plans to argue to opposing states that fighting the proposed settlement will likely result in protracted litigation, increasing legal fees and depleting value that could be steered to U.S. communities reeling from opioid abuse. He described bankruptcy proceedings as the “best hope for finalising and implementing a global resolution to this litigation.

Purdue’s proposed settlement envisions it becoming a trust that would contribute to U.S. communities, at little or no cost, tens of millions of doses of drugs the company developed to combat opioid overdoses and addiction, the company said. States opposing the settlement offer have vowed to fight attempts by Purdue and the Sacklers to use bankruptcy proceedings to contain the litigation.

“There is nothing newsworthy about these decade-old transfers, which were perfectly legal and appropriate in every respect,” a spokesman for Mortimer D.A. Sackler said in a statement.

globebusiness Go for money moved to swiss banks

globebusiness Yes, it’s apparently part of a broader litigation settlement involving multiple public (government) lawsuits. You may want to mention that.

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