CNBC by Berkeley Lovelace Jr. 9/15/2019
Purdue’s board on Sunday approved the much-anticipated bankruptcy filing, days after reaching a tentative deal to settle some 2,000 opioid lawsuits filed by local governments, Native American tribes and states.
Purdue and a group of state attorneys general had been negotiating for months to settle the lawsuits over the opioid crisis to avoid a trial, expected to begin in October.
OxyContin maker Purdue Pharma filed for Chapter 11 bankruptcy protection on Sunday, collapsing under the weight of thousands of lawsuits from states and individuals seeking damages stemming from the opioid crisis.
Purdue’s board approved the much-anticipated bankruptcy filing, days after reaching a tentative deal to settle some 2,000 opioid lawsuits filed by local governments, Native American tribes and states suing the company over the toll of opioids.
“This settlement framework avoids wasting hundreds of millions of dollars and years on protracted litigation,†said Chairman of Purdue’s board of directors, Steve Miller, in a statement. He said it “instead will provide billions of dollars and critical resources to communities across the country trying to cope with the opioid crisis.â€
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