Purdue Pharma Files for Bankruptcy .
The maker of OxyContin filed for Chapter 11 bankruptcy protection on Sunday.
A tentative settlement was made last week with more than 2,000 local governments .
For Purdue Pharma's alleged role in fueling the opioid crisis.
This settlement framework avoids wasting hundreds of millions of dollars and years on protracted litigation.
, Steve Miller, Purdue chairman, via statement.
And instead will provide billions of dollars and critical resources to communities across the country trying to cope with the opioid crisis.
, Steve Miller, via statement.
The Sackler family, which owns the company, will pay at least $3 billion in the settlement.
They will also contribute revenue from future sales of OxyContin to communities affected by the opioid crisis.
Purdue has not admitted any wrongdoing and does not intend to as part of the settlement.
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.
, Steve Miller, via statement