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 litigation over its alleged role in fueling the U.S. opioid crisis and plans to tussle with states opposing the settlement offer in bankruptcy proceedings as soon as next week, people familiar with the matter said.
Purdue’s board is scheduled to be briefed on settlement progress on Thursday, one of the people said. There remained a chance negotiations could fall apart and the company’s plans, including timing of a bankruptcy filing, could change, the person said. Last weekend, the Sacklers “refused to budge” after attorneys general in North Carolina and Tennessee presented them with counterproposals they said had widespread support from other states, according to correspondence reviewed by Reuters.
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.
The Sacklers, who amassed a multibillion-dollar fortune from OxyContin sales, would cede control of Purdue, they said.
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