Purdue Pharma LP fraudulently transferred funds to members of the wealthy Sackler family who control the OxyContin maker despite knowing the company faced major liabilities that had made it already insolvent, New York’s attorney general alleged.
OxyContin maker Purdue Pharma LP and members of the wealthy Sackler family that own the company reached a $270 million settlement to resolve a lawsuit by the state of Oklahoma accusing Purdue of helping fuel the opioid abuse epidemic, people familiar with the matter said.
The rate of first-time opioid prescriptions declined 54 percent between 2012 and 2017 in the U.S., largely because many doctors stopped prescribing the painkillers, according to a study of more than 86 million people covered by private insurance.
OxyContin manufacturer Purdue Pharma and two other drugmakers lost a bid to delay a landmark trial set for May 2019 in a multibillion-dollar lawsuit by Oklahoma’s attorney general accusing them of helping fuel an opioid abuse and overdose epidemic in the state.
OxyContin maker Purdue Pharma LP is exploring filing for bankruptcy to address potentially significant liabilities from roughly 2,000 lawsuits alleging the drug manufacturer contributed to the deadly opioid crisis sweeping the United States, people familiar with the matter said.