OxyContin maker Purdue Pharma 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 Pharma - the maker of OxyContin - has reached a tentative settlement valued at up to 12 billion dollars to resolve widespread litigation over its alleged role in fueling the American opioid crisis.
That's according to people familiar with the matter, who told Reuters on Wednesday that Purdue also plans to battle it out with the plaintiffs that oppose its settlement offer in bankruptcy court... starting as soon as next week.
Some states and the Sackler family appear to be stuck over how much of the family’s personal fortune will be paid out to plaintiffs.
The lawsuits claim the family and company contributed to a public health crisis that resulted in nearly 400,000 deaths.
Purdue and the Sacklers have denied the allegations.
Purdue Pharma agreed to plead guilty to criminal charges over the handling of its addictive prescription opioid OxyContin, in a deal that comes with a $8.4 billion settlement but stops short of criminally charging its executives or wealthy Sackler family owners. Conway G. Gittens has more.
[NFA] Purdue Pharma, the OxyContin maker controlled by members of the wealthy Sackler family, is nearing an agreement to plead guilty to criminal charges as part of a broader deal to resolve U.S. Justice Department probes into its alleged role in fueling the nation’s opioid crisis, several sources told Reuters exclusively. Conway G. Gittens has the details.