Purdue reaches $270 million OxyContin settlement

March 26, 2019

Purdue Pharma, which has been mulling bankruptcy because of impending lawsuits, have reportedly reached a $270 million settlement with Oklahoma Attorney General Mike Hunter to resolve a lawsuit that says that the OxyContin makers helped fuel the opioid epidemic.

The state's 2017 lawsuit accused Purdue, Johnson & Johnson and Teva of deceptive marketing associated with opioids. The settlement only applies to Purdue.

Earlier in the week, the Oklahoma Supreme Court rejected requests to delay the upcoming trial.

As part of the settlement, Purdue will contribute $102.5 million towards funding an addiction treatment center at Oklahoma State University.

The Sacklers agreed to contribute $75 million toward the university center as part of the settlement.

Read the Reuters report.