Purdue Pharma reaches tentative opioid settlement: sources

NEW YORK: OxyContin maker Purdue Pharma LP reached a tentative agreement with some plaintiffs to resolve widespread litigation over its alleged role in fueling the U.S. opioid crisis and plans to tussle with states opposing its settlement offer in bankruptcy proceedings starting as soon as next week, people familiar with the matter said.

Purdue's board is scheduled to be briefed on settlement progress on Thursday, one of the people said. There remained a chance negotiations could fall apart and the company's plans, including timing of a bankruptcy filing, could change, the person said. Last weekend, the Sacklers"refused to budge" after attorneys general in North Carolina and Tennessee presented the family with counterproposals they said had widespread support from other states, according to correspondence reviewed by Reuters.

"Purdue Pharma continues to work with all plaintiffs on reaching a comprehensive resolution to its opioid litigation that will deliver billions of dollars and vital opioid overdose rescue medicines to communities across the country impacted by the opioid crisis," the company said in a statement. 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 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 more litigation and longer, more expensive bankruptcy proceedings that could reduce payouts to plaintiffs unless a broader deal is reached.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Exclusive: Purdue Pharma nears partial opioid settlement, bankruptcy filing - sourcesOxyContin maker Purdue Pharma LP is nearing a partial agreement to resolve widespread litigation over its alleged role in fueling the U.S. opioid ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Purdue Pharma reaches tentative opioid settlement: sourcesOxyContin maker Purdue Pharma LP is nearing a partial agreement to resolve widespread litigation over its alleged role in fueling the U.S. opioid ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Purdue Pharma reaches tentative opioid settlement: sourcesOxyContin maker Purdue Pharma LP is nearing a partial agreement to resolve widespread litigation over its alleged role in fueling the U.S. opioid ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Exclusive: Purdue Pharma nears partial opioid settlement, bankruptcy filing - sourcesOxyContin maker Purdue Pharma LP is nearing a partial agreement to resolve widespread litigation over its alleged role in fueling the U.S. opioid ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Xeris Pharma's low blood sugar treatment wins FDA approvalREUTERS: The U.S. Food and Drug Administration has approved Xeris Pharmaceuticals Inc's glucagon pen that aims to treat severely low sugar levels ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Tentative list of the missing in Bahamas has 2,500 namesFREEPORT, Bahamas (AP) - The Bahamas government said on Wednesday (Sept 11) there are 2,500 people on its list of those missing after Hurricane Dorian. But the names have yet to be checked against the rosters of people evacuated from the devastated islands or staying in shelters.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »