OxyContin maker Purdue Pharma is exploring filing for bankruptcy to address potentially significant liabilities from thousands of lawsuits, Reuters reports citing people familiar with the matter.
OxyContin maker Purdue Pharma is exploring filing for bankruptcy to address potentially significant liabilities from thousands of lawsuits alleging the drug manufacturer contributed to the deadly opioid crisis sweeping the United States, people familiar with the matter said on Monday.
Purdue denies the allegations, arguing that the U.S. Food and Drug Administration-approved labels for its opioids carried warnings about the risk of abuse and misuse associated with the drugs. More than 1,000 lawsuits accusing Purdue and other opioid manufacturers of using deceptive practices to push addictive drugs that led to fatal overdoses are consolidated in an Ohio federal court. Purdue has held discussions to resolve the litigation with plaintiffs' lawyers who have often compared the cases to widespread lawsuits against the tobacco industry that resulted in a $246 billion settlement in 1998.
"As a privately held company, it has been Purdue Pharma’s longstanding policy not to comment on our financial or legal strategy," Purdue said in a statement.
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