OxyContin maker Purdue Pharma has reportedly reached a tentative agreement to settle some 2,000 opioid lawsuits filed by local governments, Native American tribes and states set to go to trial next month.
The deal is worth between $10 billion and $12 billion, which includes $3 billion from Purdue's owners, the Sackler family, according to the Washington Post. The company is expected to file bankruptcy imminently as part of the plan, according to the New York Times.
The Stamford, Connecticut-based company has been accused by nearly every U.S. state of downplaying how dangerously addictive its blockbuster pain killer is while exaggerating its benefits. Prosecutors say the company's marketing practices encouraged doctors to push higher doses of the narcotic and contributed to a public health crisis that claims an average of 130 lives a day.
The attorneys representing Purdue have said accusations against the company are "not supported by facts and are fundamentally flawed," adding its opioid painkiller represents less than 2% of the U.S. market. They also say new lawsuits rehash a lot of the same old allegations.
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