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CLOSE The company that made billions selling OxyContin has filed for bankruptcy protection. This comes after it reached a tentative settlement with many governments. APPharmaceutical giant Purdue Pharma is framing its bankruptcy filing as an opportunity to cut red tape and provide billions in settlement cash to curb the opioid crisis it's accused of facilitating. But the OxyContin maker's legal issues are far from over.Purdue Pharma filed for bankruptcy in White Plains, New York, late Sunday night, days after announcing a tentative deal to settle claims with about half the states and more than 1,000 local governments. The deal could be worth up to $12 billion over time; about $3 billion will come from the Sackler family, owners of the privately held drugmaker.The bankruptcy came as no surprise and was considered part of the settlement's complex structure."This settlement framework avoids wasting hundreds of millions of dollars and years on protracted litigation and instead will provide billions of dollars and critical resources to communities across the country trying to cope with the opioid crisis," Purdue Chairman Steve Miller said in a statement.Miller said the Connecticut-based company does not intend to admit wrongdoing, one of the sticking points for some plaintiffs who have not signed off on the settlement. OxyContin maker Purdue Pharma is reportedly offering a settlement worth up to $12 billion to resolve claims over its role in the opioid crisis. (Photo: GETTY)Thousands of lawsuitsPurdue Pharma is being sued by almost every state and more than 2,500 other plaintiffs, most of them local governments spending billions to treat opioid abuse and respond to life-or death 911 calls. About half the states have agreed to the settlement, and now Purdue Pharma lawyers are working on bringing the rest into the fold. A federal bankruptcy judge will decide the fate of plaintiffs who balk at the deal.Why some plaintiffs dissentLawyers for some plaintiffs say the proposed payouts won't be enough to fund needed opioid mitigation efforts, and that the structure of the deal will cause the total payouts to fall far short of the $12 billion being offered. Others say the cost to the Sackler family is small compared to the riches the drug sales have given them. "A deal that doesn’t account for the depth of pain and destruction caused by Purdue and the Sacklers is an insult, plain and simple," New York Attorney General Letitia James said.Court filings show money trailCourt filings assert that members of the Sackler family were paid more than $4 billion by Purdue from 2007 to 2018. A court filing by James claims family members stashed $1 billion in foreign accounts. "This family is now attempting to evade responsibility and
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