Purdue Pharma agrees to $270 million settlement in Oklahoma opioid case via ReutersTV
- OxyContin maker Purdue Pharma LP and members of the wealthy Sackler family that own the company reached a $270 million settlement to resolve a lawsuit brought by the state of Oklahoma accusing the drugmaker of fueling an opioid abuse epidemic.
Opioids, including prescription painkillers, heroin and fentanyl, were involved in a record 47,600 overdose deaths in 2017 in the United States, according to the U.S. Centers for Disease Control and Prevention. Companies facing mounting litigation often consider a bankruptcy filing to halt lawsuits and negotiate with plaintiffs in one federal court proceeding. Hunter said the bankruptcy threat factored into the settlement talks.
Around 1,600 lawsuits are consolidated before a federal judge in Ohio, who has pushed for a settlement ahead of the first trial scheduled before him in October.Members of the Sackler family in a statement called allegations that they contributed to the opioid crisis “not accurate” and argued that Tuesday’s agreement did not represent “a financial model for future settlement discussions.”
The Sacklers, who were not named as defendants in Oklahoma’s lawsuit, agreed to contribute $75 million toward the university center as well.
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