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

Pharmaceutical giant is facing thousands of lawsuits blaming its prescription painkiller OxyContin for plunging millions of Americans into addiction.

Purdue Pharma has filed for bankruptcy in a settlement agreement in a move it hopes will head off further legal proceedings in relation to its role in spreading the opioid crisis in the US, the company said in a statement on Sunday.

Owned by the wealthy Sackler family, the pharmaceutical giant is facing thousands of state and federal lawsuits blaming its prescription painkiller OxyContin for plunging millions of Americans into addiction.

If approved by a bankruptcy judge, Purdue says that it expects the proposed restructuring to provide more than $10 billion to help tackle addiction and see the new company's