Purdue says files for bankruptcy in bid to settle opioid crisis cases

Purdue Pharma is to file for bankruptcy in a settlement agreement that it hopes will provide more than $10 billion to address the opioid crisis, the company said in a statement on Sunday.

The pharmaceutical giant whose prescription painkiller OxyContin is blamed for much of the US opioid addiction epidemic, is facing thousands of state and federal lawsuits.

The settlement, which is subject to court approval, will contribute Purdue's entire value to a body established for the benefit of the claimants and the American people.

Purdue Chairman Steve Miller said the settlement will "provide billions of dollars and critical resources to communities across the country trying to cope with the opioid crisis."