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You are here News Health Drug manufacturer Mallinckrodt to pay $1.6 billion to settle opioid claims

Drug manufacturer Mallinckrodt to pay $1.6 billion to settle opioid claims

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Drug manufacturer Mallinckrodt to pay $1.6Bto settle opioid claims

Generic drug manufacturer Mallinckrodt Pharmaceuticals has tentatively agreed to pay $1.6 billion to settle thousands of lawsuits in a federal case attempting to determine who should be held financially responsible for the ravages of the opioid crisis.

Mallinckrodt, one of the largest manufacturers of generic opioids, is set to pay the money to a trust across eight years and enter its generics business into Chapter 11 bankruptcy. The move will absolve all opioid-related claims against the company.

The announcement comes the same week that OxyContin manufacturer Purdue Pharma, which declared bankruptcy in September, started a comprehensive, nationwide information blitz to notify potential claimants.

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