OxyContin maker Purdue Pharma exploring bankruptcy

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OxyContin maker Purdue Pharma is exploring filing for bankruptcy to address potentially significant liabilities from roughly 2,000 lawsuits alleging they contributed to the U.S. opioid crisis. Filing for Chapter 11 protection would halt the lawsuits and allow Purdue to negotiate legal claims with plaintiffs under the supervision of a bankruptcy judge.

 

This potential move shows how Purdue and its owners, the Sackler family, are under pressure to respond to litigation accusing them of misleading doctors and patients about risks associated with prolonged use of its prescription opioids. Purdue argues that the FDA-approved labels for its opioids carried warnings about the risk of abuse and misuse.

 

Read the full article at reuters.com…

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