NEW YORK, Sept 16 (Reuters): OxyContin maker Purdue Pharma LP filed for bankruptcy protection Sunday night, succumbing to pressure from more than 2,600 lawsuits alleging the company helped fuel the deadly US opioid epidemic.
Purdue's board met Sunday evening to approve the long-expected bankruptcy filing, which the company is pursuing to restructure under terms of a proposal to settle the widespread litigation.
Purdue, which filed for Chapter 11 protection in a federal bankruptcy court in White Plains, New York, reached a tentative deal to resolve lawsuits with 24 states and five US territories, as well as lead lawyers for more than 2,000 cities, counties and other plaintiffs.
Two dozen states remain opposed or uncommitted to the proposed settlement, setting the stage for contentious legal battles over who bears responsibility for a public health crisis that has claimed the lives of nearly 400,000 people between 1999 and 2017.
OxyContin maker Purdue Pharma files for bankruptcy protection
FE Team | Published: September 16, 2019 23:26:22
OxyContin maker Purdue Pharma files for bankruptcy protection
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