OxyContin maker, governments in talks to settle lawsuits

OxyContin maker, governments in talks to settle lawsuits

The Minnesota case, like the case in Oklahoma, is based on the premise that Purdue Pharma, and its founding family, created a public "nuisance" by helping create the opioid addiction crisis. They would also sell another pharmaceutical company, Mundipharma, which would add $1.5 billion to the settlement.

The Sackler household will reportedly surrender possession of Purdue Pharma and pay $three billion (£2.four bn) of their very own cash underneath a tentative settlement to settle a string of lawsuits accusing the corporate of fuelling America's opioid disaster.

Meanwhile, Ohio Attorney General David Yost's office confirms that Yost is "at the table and actively engaged in conversations with Purdue" regarding lawsuits being overseen by his office on the behalf of the state of Ohio.

In general, public benefit corporations have charters that dictate that they operate not to maximize profits for shareholders but to benefit some other objective, such as a charity or research, he said. He said Wednesday he's never heard of one being used as a mechanism for a large civil settlement, even though the US has many such public benefit corporations. The Centers for Disease Control and Prevention estimates that more than 400,000 people have died from opioid abuse since 1999.

It was not immediately unclear whether the two counties were part of the latest settlement talks with Purdue Pharma.

Purdue has been cast by attorneys and addiction experts as a chief villain in the crisis.

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Purdue Pharma is accused of a big marketing effort that persuaded doctors to prescribe oxycontin.

New York Attorney General Letitia James said in a statement that the Sackler family "started a national fire" and has "made billions profiting from death and destruction".

In March, Purdue and the Sackler family reached a $270 million settlement with Oklahoma over the opioid scourge.

At least 28 U.S. states have filed lawsuits against Purdue.

In recent months, a number of cultural institutions, including New York's Guggenheim Museum and the Metropolitan Museum of Art, have said they would stop accepting donations from the Sackler family.

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