News and Events for Attorneys and Executives

CEO of OxyContin-Maker Says Bankruptcy is ‘an Option’ as Company Faces Opioid Lawsuits

Purdue Pharma’s chief executive said the company is considering bankruptcy as it faces a cascade of lawsuits alleging that the drugmaker played a key role in driving the nation’s opioid crisis, including aggressively and deceptively marketing the powerful painkiller OxyContin, reports The Washington Post.

Craig Landau said that the company has not yet decided whether to file bankruptcy, but it is something the company is weighing as it considers the impact of potential legal settlements or jury verdicts that could cost tens of billions of dollars, according to the Post‘s Katie Zezima.

“Declaring bankruptcy could halt litigation against the company, bankruptcy lawyers said, and it can be more difficult for plaintiffs to secure judgments in bankruptcy court than in civil court,” Zezima writes.

Read the Post article.




Tags: , ,