Purdue Pharma files for bankruptcy as part of agreement to settle opioid crisis lawsuits
Maker of oxycontin reaches $10 billion settlement
DETROIT – Purdue Pharma, the maker of oxycontin, filed for bankruptcy as part of a plan to settle litigation with dozens of states and other plaintiffs who blame the company for fueling the opioid crisis.
Many people are wondering how this move will affect the planned settlement and legal action moving forward.
Experts felt this move coming. Now, the question is whether states such as Michigan will ever get the money, which was supposed to be used to help victims and fight the war on opioids.
Purdue Pharma made billions of dollars selling oxycontin. The bankruptcy filing comes just days after a tentative deal was struck with several states in which the company agreed to shell out roughly $10 billion.
The money collected from a settlement would be used for everything from raising awareness about the opioid crisis to helping with treatment, officials said.
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