Purdue officials said the costs of dealing with waves of opioid suits made a bankruptcy inevitable, and the company projected it will spend about $263 million on legal and related professional costs in 2019. (ALM File Photo)
(Bloomberg) –Purdue Pharma LP filed for bankruptcy with a more than $10 billion plan to settle claims that it fueled the U.S. opioid epidemic by illegally pushing sales of its addictive OxyContin painkiller.
The Chapter 11 filing on Sunday in White Plains, New York, is designed to short-circuit more than 2,000 lawsuits against Purdue and its owners, the billionaire Sackler family. The settlement calls for the Sacklers to hand over Purdue to a trust controlled by the states, cities and counties that have sued to recoup billions of dollars they spent battling opioid addictions and overdoses.
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