Purdue Pharma files for bankruptcy as first step in $10B opioid settlement
It’s settled. Purdue Pharma has filed for bankruptcy as part of a deal that would see the OxyContin maker hand over $10 billion in cash and other contributions to mitigate the opioid crisis — without acknowledging any wrongdoing in the protracted epidemic that’s resulted in hundreds of thousands of deaths.
The announcement came two weeks after news of a proposed settlement surfaced and largely confirm what’s already been reported.
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