Purdue Pharma, the producer of opioids and OxyContin who is facing more than 2,600 lawsuits from state, local governments and other entities, has filed for bankruptcy.
Under the settlement announced last week, more than 2,000 small-government plaintiffs and 24 states have agreed to the dissolution of the company and a contribution from the Sacklers, valued at $10 billion to $12 billion.
The settlement, which does not include admission of wrongdoing, would result in Purdue Pharma becoming a nonprofit trust.
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