STORY FROM: MDL Mass Tort & Class Action Monitor
OxyCotin Maker Purdue Pharma Petitions for Chapter 11 Bankruptcy
September 16, 2019
NEW YORK — Purdue Pharma L.P., maker of the addictive painkiller OxyCotin, has filed a voluntary petition for Chapter 11 bankruptcy in New York federal court following its agreement to settle thousands of lawsuits accusing it of perpetuating the opioid epidemic.
The petition, filed on Sept. 15 in the U.S. Bankruptcy Court for the Southern District of New York, also comes on the heels of allegations that the company’s owners secretly wired nearly $1 billion to private accounts.
According to the petition, Purdue’s creditors are comprised largely of state and federal opioid litigants, including state departments of health and human ...