OxyContin maker Purdue Pharma reportedly exploring bankruptcy
Purdue has held discussions to resolve the litigation with plaintiffs’ lawyers, who have often compared the cases to widespread lawsuits against the tobacco industry that resulted in a $246bn settlement in 1998.
Purdue and three executives in 2007 pleaded guilty to federal charges related to the misbranding of OxyContin and agreed to pay a total of $634.5m in penalties, according to court records. Purdue Pharma, the maker of OxyContin, is exploring filing for bankruptcy to address potentially significant liabilities from roughly 2,000 lawsuits alleging the drugmaker contributed to the deadly opioid crisis sweeping the United States… The potential move shows how Purdue and its wealthy owners, the Sackler family, are under pressure to respond to mounting litigation accusing the company of misleading doctors and patients about risks associated with prolonged use of its prescription opioids.
Original Article (The Guardian):
OxyContin maker Purdue Pharma reportedly exploring bankruptcy
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