Purdue Pharma Files For Bankruptcy
BOSTON – It appears that Boston and several other cities within Massachusetts will have to wait longer for a potential payout from Perdue Pharma. While the cash would help with the opioid crisis affecting Massachusetts, the state isn't on board with the terms of a recent settlement proposed by the pharmaceutical company. Now, the company behind the addictive prescription painkiller OxyContin has filed for Chapter 11 bankruptcy in White Plains, New York, according to NECN.
The move comes after Purdue was hit with roughly 2,600 government and state lawsuits due to their part in the national opioid crisis. Mayor Walsh is among those who've filed a lawsuit, with Walsh seeking $64 million to help with the epidemic that has struck Boston hard.
Following the thousands of lawsuits, the company announced it would attempt to reach some type of settlement with most in an effort to avoid years of back and forth litigation.
“This settlement framework avoids wasting hundreds of millions of dollars and years on protracted litigation and instead will provide billions of dollars and critical resources to communities across the country trying to cope with the opioid crisis,” Steve Miller, chairman of Purdue’s board of directors, said in a statement.
“We will continue to work with state attorneys general and other plaintiff representatives to finalize and implement this agreement as quickly as possible.”
The Sackler family, who owns Purdue, also made their own statement in regards to the national crisis.
"Like families across America, we have deep compassion for the victims of the opioid crisis," family members said in the statement.
The statement went on to call the settlement a "historic step towards providing critical resources that address a tragic public health situation.”
Many are not happy with Purdue’s latest move with plans to continue to pursue their legal grievances.
Roughly half of those who filed lawsuits are not on board with Purdue’s proposed settlement, ultimately looking to make the billionaire distributors of OxyContin pay.
Some of those states yet to sign on, per The New York Times, include Massachusetts, Connecticut, New York, New Jersey, Pennsylvania, California, Illinois, Virginia, Delaware, North Carolina
”My office is prepared to hold the Sackers accountable, regardless of whether or not Purdue declares bankruptcy," Illinois Attorney General Kwame Raoul stated last week.
Meanwhile, Purdue hopes those states will change their mind, emphasizing the time sensitive crisis the nation currently faces.
“We are hopeful that in time, those parties who are not yet supportive will ultimately shift their focus to the critical resources that the settlement provides to people and problems that need them,” the family said.