Purdue Pharma bankruptcy: OxyContin maker filed for Chapter 11 Sunday

Associated PressPurdue Pharma, the company that made billions selling the prescription painkiller OxyContin, filed for bankruptcy in White Plains, New York, days after reaching a tentative settlement with many of the state and local governments suing it over the toll of opioids.

But legal battles still lie ahead for Stamford, Connecticut-based Purdue, which is spending millions on legal costs as it defends itself in lawsuits from 2,600 government and other entities. About half the states have not signed onto the proposal. And several of them plan to object to the settlement in bankruptcy court and to continue litigation in other courts against members of the Sackler family, which owns the company.

Purdue chairman Miller said the company has not admitted wrongdoing and does not intend to."The alternative is to not settle but instead to resume the litigation," he said on a conference call with reporters."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.

Key issues that could be decided include whether the suits against the Sacklers in state courts will be able to move ahead, and what will happen to the company itself. Under the tentative settlement deal, it would continue to operate, but with profits used to pay for the settlement. Another option could be for a judge to order it be sold.

After what Perdue has done, they should never even be allowed to exist.

No worries. They have already siphoned off millions and millions of dollars to offshore accounts!!

A good pain reliever is hard to find. If not rare. They should get a break. Oxy is on the frontier of medicine.

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