Source: OxyContin maker seeks to resolve all lawsuits
By GEOFF MULVIHILL and ANDREW WELSH-HUGGINS Associated Press
COLUMBUS, Ohio (AP) — A settlement being pursued by the maker of OxyContin aims to resolve all claims against the company filed in both state and federal court.
The proposal also provides a formula for dividing settlement money among states and local governments.
A person familiar with the talks but not authorized to discuss them publicly tells The Associated Press the proposal is being floated by lawyers for Stamford, Connecticut-based Purdue Pharma and the controlling Sackler family. Purdue would enter a structured bankruptcy that would resolve all claims.
They are negotiating with several state attorneys general and a lawyer representing local governments as part of a massive federal litigation in Cleveland.
The settlement, if reached, would apply to the nearly 2,000 lawsuits in federal court and hundreds of other local government and state lawsuits.