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Purdue Pharma Files for Ch 11.

September 16, 2019
recall

The massive pharmaceutical company accused of fueling the opioid crisis is now filling for bankruptcy. This is just days after they settled over 2000 cases against them brought up by local governments. The owners of the company, the Sackler family, agreed to give up the company and pay over $3 billion from their fortune. The massive amount of money will go towards helping communities recover from the damage opioid addiction has caused.

The board of Purdue also agreed to settle with a number of states that brought charges against them. According to company representatives, the settlement Purdue made is separate from the Sackler family settlement. They claim their settlement is worth over $10 billion.Purdue as not admitted to any wrongdoing as part of the settlement. On the same day as the settlement, the company filed for bankruptcy. The New York state attorney general has accused the Sackler family of transferring funds from Purdue to a swiss bank account. She claims this is an attempt to stop the money from being taken in litigation.

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