Oxycontin and Opioid Settlement with Purdue Pharma Will Result in Bankruptcy

Photo Courtesy Fox News

Purdue Pharma, the maker of OxyContin has been sued by thousands of state and local governments and is now likely to reach a settlement between $10 billion to $12 billion.

The owners – the Sacklers would have to contribute $3 billion of their own money toward the total, file  Chapter 11 bankruptcy and become a “public beneficiary trust,” with all profits from drug sales going to the plaintiffs.

It is estimated that the opioid overdose epidemic resulted in more than 400,000 deaths.

Other companies are facing lawsuits as well such as Johnson & Johnson that has been ordered to pay  $572 million.

When more information is available on a settlement with the state of Florida, I will provide an updated post.

Attorney Alex Hernandez

Representing clients in the areas of Chapter 7 Bankruptcy, Family Law/Divorce, and car and motorcycle accidents for 20 years. (904) 712-5565 or (305)-688-LAWS (5297). *Se Habla Español

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