OxyContin maker Purdue Pharma agrees to $270 million settlement with Oklahoma
Purdue Pharma has settled with the Oklahoma attorney general for $270 million, marking the first significant settlement for a company that faces more than 1,600 cases blaming it for fueling the opioid crisis, according to a person familiar with the matter.
The company was increasingly concerned about a televised trial in Oklahoma, where charges that it deceptively marketed OxyContin would be on full display in a state hit hard by the opioid crisis.
By cutting the deal, Purdue pushed its day of reckoning to the fall when the first trial from the 1,600 cases that have been consolidated in a federal court in Ohio will face a jury.
The company has been exploring bankruptcy and has vigorously denied the claims against it.
A Purdue representative did not respond to a request for comment about the settlement.
This is a developing story, check back for updates.