OxyContin Maker Purdue Pharma Files for Bankruptcy Protection

OxyContin maker Purdue Pharma, LP filed for bankruptcy protection after more than 2,600 lawsuits alleged the company helped feud the U.S. opioid epidemic. Purdue reached a tentative deal to resolve lawsuits with 24 states and five U.S. territories, but two dozen states remain opposed or uncommitted to the proposed settlement. The states that oppose the proposed settlement set the stage for contentious legal battles over who is responsible for the public health crisis that has claimed the lives of approximately 400,000 people between 1999 and 2007. Opposing states also want the Sacklers, who would gain control of Purdue in the proposed settlement, to guarantee more of their own money will go toward a settlement. The Sacklers have offered $3 billion in cash and an additional $1.5 billion or more through the eventual sale of another company they own. The Sacklers have declined to revise the offer.

If you are thinking about filing for bankruptcy and would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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