Purdue Pharma Files for Bankruptcy as Part of Settlement

Legal battles still lie ahead for Stamford, Connecticut-based Purdue, which is spending millions on legal costs as it defends itself in lawsuits from 2,600 government and other entities.

  • Published 15 September 2019

Purdue Pharma, the company that made billions selling the prescription painkiller OxyContin, filed for bankruptcy in White Plains, New York, days after reaching a tentative settlement with many of the state and local governments suing it over the toll of opioids. The filing was anticipated before and after the tentative deal, which could be worth up to $12 billion over time, was struck. “This settlement framework avoids wasting hundreds of millions of dollars and years… Read at AP News