The Chapter 11 filing, approved on Sunday, comes after a tentative deal struck with dozens of states to settle thousands of lawsuits over Purdue's alleged role in the opioid crisis.
: OxyContin manufacturer Purdue Pharma, owned by the billionaire Sackler family, filed for bankruptcy protection on Sunday as part of a proposed settlement deal with state and city governments suing it over the opioid epidemic.: “It is our hope that the bankruptcy recognition process that is now underway will end our ownership of Purdue and ensure our assets are dedicated for the public benefit.”
The tentative settlement was first reported last week. The deal would see the Sacklers leave the firm before it files for bankruptcy and restructures. The pharmaceutical giant would also pay up to $12 billion to the plaintiffs and donate overdose and addiction recovery drugs, according toThe deal, if it becomes final, would settle more than 2,600 lawsuits across 24 states and five U.S. territories.
The deal reportedly involves the Sackler family contributing $3 billion to the settlement but the deal has angered some activists. States, including New York and Massachusetts, who oppose the deal want the Sacklers to stump up more of their own cash.: Purdue is facing legal challenges over its alleged role in the U.S. opioid epidemic, a public health crisis thatbetween 1999 and 2007.
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