Amid over 26,000 state and federal lawsuits, Purdue Pharma, the maker of OxyContin, filed for bankruptcy as part of a settlement over its role in the opioid crisis.
There are thousands of cases against the pharmaceutical company, and although some have agreed to the settlement terms, twenty-six states are still refusing. These states are going after Purdue Pharma’s owners, the Sackler’s, the New York Times reported.
Twenty-four states and five U.S. territories have accepted the agreement, according to the NYT. The settlement would require the Sackler’s to give up Purdue Pharma as well as give $3 billion to plaintiffs over seven years.
The company would also be restructured into a public benefit trust, allowing it to pay the plaintiffs and give money towards research dedicated to treat addiction and overdoses.
“This unique framework for a comprehensive resolution will dedicate all of the assets and resources of Purdue for the benefit of the American public,” Steve Miller, Chairman of Purdue’s Board of Directors, said in a statement to the Daily Caller News Foundation. “This settlement framework avoids wasting hundreds of millions of dollars and years on protracted litigation, and instead will provide billions of dollars and critical resources to communities across the country trying to cope with the opioid crisis.”
“We will continue to work with state attorneys general and other plaintiff representatives to finalize and implement this agreement as quickly as possible.”