Purdue Pharma Seeks Bankruptcy Protection
Purdue Pharma has filed for Chapter 11 bankruptcy protection as part of a plan for settling some of the opioid-related litigation it faces in federal and state courts across the country.
These settlements have an estimated value of more than 10 billion dollars.
The company has announced the agreement in principle for the settlement framework with 24 state attorney generals, officials from 5 United States territories, the Plaintiffs’ Executive Committee in the multidistrict litigation (MDL), and co-lead counsel in the MDL. The parties included in this agreement in principle represent some of the more than 2600 lawsuits filed against Purdue Pharma concerning opioids, including the company’s OxyContin products.
The more than 2600 civil actions filed against Purdue Pharma generally allege that the company engaged in deceptive and false marketing tactics to sell its opioid products and is liable for the ongoing national opioid crisis.
Purdue Pharma has denied claims made against the company in these lawsuits.
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This post originally appeared here: https://www.pharmacytimes.com/view/purdue-pharma-seeks-bankruptcy-protection-settlement-of-opioid-related-cases
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