The pharmaceuticals company at the center of America’s opioid crisis has declared itself bankrupt as it seeks to shield itself from lawsuits across the United States.
Purdue Pharma, which makes Oxycontin and is owned by one of America’s wealthiest families, filed for bankruptcy protection on Sunday night after agreeing a settlement with some claimants last week.
Abuse of prescription opioids, heroin and synthetic opioids such as fentanyl has killed 400, 000 Americans since 1999, while manufacturers, distributors and retailers have pocketed tens of billions of dollars from sales. In an echo of the showdown with Big Tobacco in the 1990 s, legal claims have been filed by prosecutors from states, counties and cities across the US.
Before last week’s partial settlement, Purdue alone faced about 2, 500 lawsuits,…
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