Purdue Pharma files for bankruptcy days after it was discovered that the owning family transferred $1B to Swiss bank accounts

Firm blamed for US opioid crisis files for bankruptcy amid blizzard of multi-billion-dollar lawsuits


US drug company Purdue Pharma has filed for bankruptcy as it faces more than 2,500 lawsuits worth billions of dollars, in relation to its alleged role in America’s opioid crisis.

The company, owned by the Sackler family, manufactured the opioid-based drug OxyContin – marketed as a narcotic painkiller and which has been blamed for a sharp rise in addiction, prescription drug abuse and fatal overdoses.

The company has denied any wrongdoing.

The bankruptcy is part of a framework designed to settle the legal claims and provide further funding to fight opioid addiction in the US.

“This court-supervised process is intended to, among other things, facilitate an orderly and equitable resolution of all claims against Purdue, while preserving the value of Purdue’s assets for the benefit of those impacted by the opioid crisis,” the pharmaceutical firm said in a statement.

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Last Edited by Cosmic Charlie on 09/16/2019 11:42 PM