Purdue Pharma Files New Bankruptcy Plan For $7.4-B Opioid Settlement

Purdue Pharma has filed a new bankruptcy plan, aiming to finalize a $7.4 billion opioid settlement after its previous attempt was derailed by the U.S. Supreme Court last year, Dietrich Knauth and Devika Nair reported for Reuters.

The payout is meant to resolve thousands of lawsuits alleging that Purdue’s OxyContin fueled a nationwide addiction epidemic.

Filed in White Plains, New York (March 19 in Manila), the plan outlines how the settlement funds will be allocated to states, local governments, and individuals affected by the opioid crisis.

The payout is meant to resolve thousands of lawsuits alleging that Purdue’s OxyContin fueled a nationwide addiction epidemic.

The revised plan follows months of negotiations after the Supreme Court rejected Purdue’s earlier attempt to grant sweeping civil immunity to its owners, the Sackler family.

Purdue Chairman Steve Miller said the company has worked tirelessly with creditors to reach a deal that ensures billions in immediate funding for communities battling opioid addiction.

“We and our creditors have worked tirelessly in mediation to build consensus and negotiate a settlement that will increase the total value provided to victims and communities, put billions of dollars to work on day one, and serve the public good,” Miller said in a statement.