OxyContin maker, government attorneys in settlement talks
State attorneys general and lawyers representing local governments said Tuesday they are in active settlement talks with Purdue Pharma, the maker of the prescription painkiller OxyContin that is facing billions of dollars in potential liability for its role in the nation’s opioid crisis.
Purdue has been cast by attorneys and addiction experts as a main villain in the crisis for producing a blockbuster drug while understating its addiction risk. A report by NBC News said the privately held company has offered to settle for $10 billion to $12 billion.
In a statement, the Stamford, Connecticut-based company said it’s prepared to defend itself but sees little good in years of “wasteful litigation and appeals.”
“Purdue believes a constructive global resolution is the best path forward, and the company is actively working with the state attorneys general and other plaintiffs to achieve this outcome,” the company said.
News of the settlement talks involving more than 2,000 lawsuits against the company and other players in the painkiller industry comes about two months before the first federal trial over the toll of opioids is scheduled to start in Cleveland.
NBC reported that Purdue presented a plan for it to declare Chapter 11 bankruptcy and then restructure into a for-profit “public benefit trust.”
28th August 2019