Purdue Pharma filed a bankruptcy plan on Monday that would resolve thousands of opioid lawsuits by restructuring the OxyContin maker into an entity that would steer profits to plaintiffs and require the company’s Sackler family owners to contribute nearly $4.3 billion to the settlement. The plan is intended to serve as Purdue’s roadmap out of bankruptcy, which it filed in September 2019 in the face of nearly 3,000 lawsuits accusing the company of fueling the national opioid crisis through deceptive marketing. The plan, which Purdue says is worth more than $10 billion, sets up trusts that would indirectly control the new entity to distribute money to states, local governments and tribal organizations for opioid abatement programs. The Sacklers’ contributions would be paid out over nine years. “With drug overdoses still at record levels, it is past time to put Purdue’s assets to work addressing the crisis,” Purdue board Chairman Steve …
Purdue Pharma Files $10 Billion Bankruptcy Plan to Resolve Opioid Lawsuits
March 18, 2021
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