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OxyContin maker Purdue seeks approval of $8B deal to settle opioid case

By Don Jacobson
OxyContin maker Purdue seeks approval of $8B deal to settle opioid case
Purdue was scheduled to appear Tuesday before Judge Robert Drain of U.S. Bankruptcy Court for the Southern District of New York. File Photo by Justin Lane/EPA-EFE

Nov. 17 (UPI) -- Purdue Pharma, the maker of OxyContin, is scheduled to appear in bankruptcy court Tuesday to ask for approval of a proposed $8 billion settlement with the federal government over the opioid crisis.

The company last month agreed to the settlement and pleaded guilty to federal charges that blamed Purdue for facilitating the opioid crisis in the United States.

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The charges resulted from a Justice Department investigation into how Purdue marketed its addictive painkiller for decades after it was brought to market in 1995.

Purdue filed for bankruptcy last year as part of a $10 billion agreement that included $3 billion from its majority owners, the Sackler family, to settle more than 2,000 lawsuits from various local and state governments that sought to recoup taxpayer dollars lost to the crisis.

Purdue was scheduled to appear Tuesday before Judge Robert Drain of U.S. Bankruptcy Court for the Southern District of New York.

The proposed settlement faces some resistance from two dozen states and groups representing individual opioid victims.

Attorneys general from the opposing states asked U.S. Attorney General William Barr last month to block the proposed settlement, arguing that it would allow Purdue to continue selling OxyContin under government supervision as a public trust corporation.

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