Purdue Pharma Files <br />for Bankruptcy<br />.<br />The maker of OxyContin filed for Chapter 11 bankruptcy protection on Sunday.<br />.<br />A tentative settlement was made last week with <br />more than 2,000 local governments<br />.<br />for Purdue Pharma's alleged role <br />in fueling the opioid crisis.<br />.<br />This settlement framework avoids wasting hundreds of millions of dollars and years <br />on protracted litigation.<br />, Steve Miller, Purdue chairman, via statement.<br />And instead will provide billions of dollars and critical resources to communities across the country trying to cope with <br />the opioid crisis.<br />, Steve Miller, via statement.<br />The Sackler family, which owns the company, <br />will pay at least $3 billion in the settlement.<br />.<br />They will also contribute revenue from <br />future sales of OxyContin to communities <br />affected by the opioid crisis.<br />.<br />Purdue has not admitted any wrongdoing and <br />does not intend to as part of the settlement.<br />.<br />The resumption of litigation would rapidly diminish all the resources of the company and would be lose-lose-lose all the way around. Whatever people might wish for is not on the table now.<br />, Steve Miller, via statement
