OxyContin maker files for bankruptcy

Video Credit: Reuters Studio
Published on September 16, 2019 - Duration: 01:24s

OxyContin maker files for bankruptcy

Purdue Pharma, the company behind OxyContin, filed for bankruptcy protection Sunday night (September 15), amid more than 2,600 lawsuits alleging the company helped fuel the deadly U.S. opioid epidemic.

Ryan Brooks reports.

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OxyContin maker files for bankruptcy

OxyContin maker Purdue Pharma filed for bankruptcy in New York late Sunday (September 15), succumbing to pressure from more than 2,000 lawsuits.

The company is accused of helping fuel the deadly U.S. opiod epidemic.

It says it's reached a tentative deal that could be worth more than $10 billion dollars.

The Chapter 11 filing was a long-expected move aimed at settling the widespread litigation.

But the legal battles aren't over.

At least two dozen U.S. states haven't committed to the settlement, seemingly stuck over who's responsible for a health crisis that's led to nearly 400,000 deaths.

Thousands of cities and countries - and nearly every state - have sued Purdue and its controlling Sackler family.

They claim both the company and family made billions by aggressively marketing painkillers while misleading doctors and patients about risks of addiction and overdose.

Some opposing states question Purdue over its $10 billion dollar valuation of the deal.

They also want the Sacklers to guarantee more of their own money will go towards a settlement.

Sources close to the deal's terms say the family has offered $3 billion in cash and another $1.5 billion after selling another company they own.

In a statement, Sackler family members said they hoped those opposed to the deal would change their minds.

Purdue and the Sacklers have denied allegations.

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