OxyContin maker Purdue Pharma LP reached a tentative agreement with some plainti...
NEW YORK - OxyContin maker Purdue Pharma LP reached a tentative agreement with some plaintiffs to resolve widespread litigation over its alleged role in fueling the U.S. opioid crisis and plans to tussle with states opposing its settlement offer in bankruptcy proceedings starting as soon as next week, people familiar with the matter said.
States on Wednesday updated a federal judge on the settlement offer’s support, which could evolve as the day progresses, the people said. New York, Massachusetts and Connecticut, where privately-held Purdue is based, are among the states opposed to the current offer and have pushed the family to guarantee $4.5 billion, the people said.
Purdue would then ask a U.S. bankruptcy judge to halt litigation while settlement discussions continue, a move some states said they are likely to challengeA bankruptcy judge could force holdouts to accept a settlement as part of Purdue's reorganization plan if enough other plaintiffs agree. One reason Purdue is eyeing a bankruptcy filing soon is to avoid an Oct. 21 trial, the people said. That trial, stemming from widespread lawsuits consolidated in an Ohio federal court, risks a verdict with outsize damages Purdue could not withstand, one of the people said.
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