Opioid maker Purdue Pharma in talks to settle thousands of suits
Aug 27 - OxyContin maker Purdue Pharma LP and its owners, the Sackler family, are in discussion to settle more than 2,000 opioid lawsuits against the company for $10 billion to $12 billion, two people familiar with the matter said on Tuesday.
During the meeting, Purdue outlined a plan to file for Chapter 11 bankruptcy protection as a mechanism for implementing the settlement, which the company hopes will address the lawsuits, the person said. Representatives for the Sackler family declined to comment and a representative for the state attorneys general did not immediately respond to a request for comment.
David Sackler, one of a handful of family members who previously sat on Purdue's board, has taken on a significant role in the recent discussions, which included at least 10 state attorneys general, the person said.
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