Purdue Pharma Files For Chapter 11 Bankruptcy

Purdue Pharma, maker of OxyContin, the drug widely seen as igniting the opioid crisis, recently filed for Chapter 11 bankruptcy. The move was expected as the company seeks to shield itself and its owners from more than 2,600 federal and state lawsuits. The terms of the filing, which include a proposed resolution of most of those cases, will likely be contested by a group of 26 states that have refused to settle, the Nashville Business Journal reports. Purdue says it hopes to completely restructure. Read more in this statement from Tennessee Attorney General Herbert H. Slatery III.

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