Purdue Pharma shuts down, will be replaced by new company
OxyContin maker Purdue Pharma has shut down and will be replaced by a new company.
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OxyContin maker Purdue Pharma has shut down and will be replaced by a new company.
Purdue Pharma, the maker of OxyContin, is set to be dissolved as a massive legal settlement resolving thousands of lawsuits takes effect.
A Newark judge handed down a criminal sentence Tuesday to OxyContin maker Purdue Pharma.
A judge in Newark, N.J. may hand down a criminal sentence to the company Tuesday. CBS News New York's Christine Sloan reports.
A federal judge is expected to order Purdue Pharma to forfeit $225 million to the Justice Department.
Purdue Pharma won approval for a nearly $7.5 billion settlement in its long-running bankruptcy case.
More states, territories and Washington, D.C., have signed on to a settlement with drugmaker Purdue Pharma and the Sackler family over the opioid crisis, officials said.
The epidemic has been a widespread crisis for decades, impacting millions of families. Letitia James believes a single family is largely responsible for causing it. CBS News New York's Doug Williams has the story.
The Sackler family will pay the vast majority of the settlement — a total of $6.5 billion over 15 years.
An OxyContin advertiser will pay a $350 million settlement for its alleged role in the opioid crisis.
Purdue Pharma, the maker of OxyContin, filed for Chapter 11 bankruptcy protection in September 2019 after it faced scores of lawsuits related to the opioid crisis.
The U.S. Supreme Court will hear oral arguments Monday about the legality of a $6 billion bankruptcy agreement for Purdue Pharma, the manufacturer of OxyContin. While many families of victims support the deal, which would fulfill financial settlements, it would shield the powerful Sackler family from thousands of potential lawsuits. CBS News' Jan Crawford reports.
