Oxycontin, Tentative, Purdue

Oxycontin, Tentative

Purdue Pharma reaches tentative opioid settlement: sources

Purdue Pharma reaches tentative opioid settlement: sources

11.9.2019

Purdue Pharma reaches tentative opioid settlement: sources

OxyContin maker Purdue Pharma LP is nearing a partial agreement to resolve widespread litigation over its alleged role in fueling the U.S. opioid ...

On Wednesday, lead lawyers representing more than 2,000 cities, counties and other plaintiffs suing Purdue, along with 26 states and U.S. territories, were on board with an offer from the company and its controlling Sackler family to settle lawsuits in a deal valued at up to US$12 billion, the people said.

More than a dozen other states remain opposed or uncommitted to the deal, setting the stage for a legal battle over Purdue's efforts to contain the litigation in bankruptcy court, they said.

Reuters earlier on Wednesday reported that Purdue was nearing a settlement with cities and many states.

The Sacklers, well-known wealthy philanthropists, have declined to revise their proposed settlement contribution of US$3 billion over seven years and another US$1.5 billion or more through the eventual sale of another business they own called Mundipharma, several people familiar with the matter said.

The lawsuits, which have in some cases targeted the Sacklers as well as Purdue, claim the family and company contributed to a public health crisis that claimed the lives of nearly 400,000 people between 1999 and 2017, according to the latest data from the U.S. Centers for Disease Control and Prevention.

With negotiations over the family's contribution to a settlement at loggerheads, Purdue is preparing to file for bankruptcy protection as soon as this weekend or next with the outlines of a settlement in hand, albeit one lacking support from many states, the people said.

"This is the most effective way to address the urgency of the current public health crisis, and to fund real solutions, not endless litigation,” the statement added.

One reason Purdue is eyeing a bankruptcy filing soon is to avoid an Oct. 21 trial, the people said. That trial, stemming from widespread lawsuits largely brought by local governments that have been consolidated in an Ohio federal court, risks a verdict with outsize damages Purdue could not withstand, one of the people said.

A Chapter 11 filing with a deal many states oppose risks triggering even more litigation and longer, more expensive bankruptcy proceedings that could reduce payouts to plaintiffs unless a broader deal is reached.

(Reporting by Mike Spector and Jessica DiNapoli; Editing by Bill Berkrot)

Read more: CNA

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