Purdue Pharma Files for Bankruptcy

Purdue Pharma Files
for Bankruptcy
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The maker of OxyContin filed for Chapter 11 bankruptcy protection on Sunday.
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A tentative settlement was made last week with
more than 2,000 local governments
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for Purdue Pharma's alleged role
in fueling the opioid crisis.
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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.
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They will also contribute revenue from
future sales of OxyContin to communities
affected by the opioid crisis.
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Purdue has not admitted any wrongdoing and
does not intend to as part of the settlement.
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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