Generic opioid manufacturer Mallinckrodt has tentatively agreed to pay $1.6 billion to settle thousands of lawsuits filed in connection with the part the company played in fueling the opioid crisis. The pending settlement has the support of 47 state and territorial governments and a committee of attorneys representing thousands of local governments. The money will be earmarked to address the opioid epidemic, including addition treatment.
Mallinckrodt is the largest generic opioid manufacturer in the United States. They are also the first opioid manufacturer to reach a possible settlement agreement. If the settlement agreement is approved, the company will enter Chapter 11 bankruptcy and pay $300 million to a trust. After its restructuring, the company will pay $1.3 billion into the trust over the next eight years.
The agreement has yet to be finalized and could possibly be rejected by New York. A trial regarding the opioid epidemic is scheduled to begin in the state on March 20, with several opioid manufacturers, including Mallinckrodt, as defendants.
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Millions of Americans have abused or become dependent on opioid medications, with hundreds of thousands dying as a result. Lawsuits targeting the pharmaceutical industry are likely to continue for some time.
Drug manufacturers, like any other manufacturer, are responsible for the safety and efficacy of their product. If you or a loved one is injured in any way by a harmful or defective product, you may be eligible for compensation. The dedicated consumer attorneys at the Law Offices of Scott Warmuth can help you determine if you have a legal case. Call us today at 888-517-9888 to receive a free consultation.