STAMFORD, Conn. (AP) — The Latest on Purdue Pharma’s settlement negotiations (all times local):
OxyContin maker Purdue Pharma says it’s continuing to negotiate a settlement over the toll of opioids, a day after some state attorneys general sent a letter to their colleagues saying talks with the company had reached an impasse and that they expected the company to file imminently for bankruptcy protection.
In the statement, the company said it believes “a settlement that benefits the American public now is a far better path than years of wasteful litigation and appeals.”
The company is being sued by more than 2,000 state, local and tribal governments. The first federal trial on opioids is scheduled to begin next month, adding pressure on the parties to settle.
Two attorneys general told officials in other states the company had rejected offers from the states.
State and local governments have been seeking billions from Purdue Pharma as a way to hold the company accountable for the nation’s opioid epidemic.
But after a breakdown in negotiations made public this week, that could get more difficult.
Two attorneys general leading settlement talks with the company told their colleagues Saturday in an email obtained by The Associated Press that talks had hit an impasse. They said Purdue is likely to file for bankruptcy.
University of Richmond law professor Carl Tobias says that would mean less money for the roughly 2,000 governments suing the family.
He said that as governments sue members of the Sackler family, which owns the company, it could be legally challenging to bring the family money back from overseas.