Purdue Pharma Files Bankruptcy
On Sunday, September 15, 2019, Purdue Pharma L.P., the makers of OxyContin, filed for chapter 11 protection in the United States Bankruptcy Court for the Southern District of New York - White Plains Division (Case No. 19-23649). Purdue Pharma made a settlement with two dozen state attorneys general who have asserted that OxyContin is the cause of the opioid crisis in the United States. The settlement is said to provide between $10 - $12 billion dollars to fund the opioid crisis. The settlement also forces Purdue Pharma to enter into bankruptcy and reorganize as a public benefit trust meaning that any future sales of OxyContin will be used to help communities struggling with the opioid crisis.
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