OxyContin Maker, Purdue Pharma, Files For Bankruptcy To Clear 2K Lawsuits

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The prescription medicine OxyContin is displayed August 21, 2001 at a Walgreens drugstore in Brookline, MA. The powerful painkiller, manufactured to relieve the pain of seriously ill people, is being used by some addicts to achieve a high similar to a heroin rush. Its popularity among abusers of the drug has resulted in a string of pharmacy robberies nationwide. Armed robbers raid the pharmacies for the painkiller which has a street value of $40 for a 40mg pill.
The announcement comes days after Purdue Pharma agreed to a tentative settlement.

North America, specifically, has been trying to combat a major opioid crisis that we're facing. Big Pharma companies are mainly to be blamed for it. According to NBC, Purdue Pharma, the maker of Oxycontin, has filed for bankruptcy as part of their settlement deal with local and state governments over the opioid crisis.

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The announcement comes just days after the company and the Sackler family offered $10-$12 billion to settle lawsuits pertaining to the opioid crisis. The company was accused by states, cities, and counties of fuelling the opioid epidemic. The lawsuits claim Purdue and the Sacklers misled the public and fed false information to hike up sales of products such as Oxycontin.

The worst part about the bankruptcy filing is that they'll likely be removed from the first opioid trial that was set to begin on Oct. 21. This means that anyone who wants to get money from the company for the opioid crisis will have to take it up with the bankruptcy court. 

The Sackler family agreed they'd pay $3B in the settlement, at the very least, but some states haven't accepted that. Many of them plan to shut contest the settlement in bankruptcy court and continue to litigation with the Sackler family.

Even with allegations of falsely marketing the product and aggressively pushing its marketing, the Sackler family said they have "deep compassion for the victims of the opioid crisis," adding that the lawsuit "is an historic step toward providing critical resources that address a tragic public health situation."


About The Author
Aron A. is a features editor for HotNewHipHop. Beginning his tenure at HotNewHipHop in July 2017, he has comprehensively documented the biggest stories in the culture over the past few years. Throughout his time, Aron’s helped introduce a number of buzzing up-and-coming artists to our audience, identifying regional trends and highlighting hip-hop from across the globe. As a Canadian-based music journalist, he has also made a concerted effort to put spotlights on artists hailing from North of the border as part of Rise & Grind, the weekly interview series that he created and launched in 2021. Aron also broke a number of stories through his extensive interviews with beloved figures in the culture. These include industry vets (Quality Control co-founder Kevin "Coach K" Lee, Wayno Clark), definitive producers (DJ Paul, Hit-Boy, Zaytoven), cultural disruptors (Soulja Boy), lyrical heavyweights (Pusha T, Styles P, Danny Brown), cultural pioneers (Dapper Dan, Big Daddy Kane), and the next generation of stars (Lil Durk, Latto, Fivio Foreign, Denzel Curry). Aron also penned cover stories with the likes of Rick Ross, Central Cee, Moneybagg Yo, Vince Staples, and Bobby Shmurda.
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