Opioid maker files for US bankruptcy
The maker of controversial painkiller OxyContin has filed for US bankruptcy protection amid billions of dollars of legal claims. Purdue Pharma succumbed to pressure from more than 2,600 lawsuits alleging the company helped fuel the deadly US opioid epidemic with claims running to billions of dollars.
Purdue's board met on Sunday evening to approve the long-expected bankruptcy filing, which the company is pursuing to restructure under terms of a proposal to settle the widespread litigation.
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Purdue filed for Chapter 11 in a federal bankruptcy court. It has reached a tentative deal to resolve lawsuits with 24 states and lawyers for more than 2,000 cities, counties and other plaintiffs, the company said.
The health crisis claimed nearly 400,000 lives between 1999 and 2017. Purdue and its owners the Sackler family have denied the allegations.
Two dozen states remain opposed or uncommitted to the proposed settlement.