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Opioid Crisis

Business
Rite Aid Plans To Close 400-Plus Stores, Report Says Rite Aid Plans To Close 400-Plus Stores, Report Says
Rite Aid Plans To Close 400-Plus Stores, Report Says Rite Aid will close 400 to 500 stores as part of a Chapter 11 bankruptcy reorganization, according to a new report. The drugstore chain is now negotiating with creditors to formulate a bankruptcy plan that would include liquidating a substantial portion of its more than 2,100 drugstores, The Wall Street Journal says. Rite Aid is facing over $3 billion in debt and more than a thousand federal lawsuits alleging it oversupplied opioids, the report said. Founded 61 years ago in Scranton, Pennsylvania, Rite Aid moved its headquarters to Philadelphia in 2022. Click here to read the complet…

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by Joe Lombardi
News
Purdue Pharma Reaches $6B Settlement With US States Over Thousands Of Opioid-Related Lawsuits Purdue Pharma Reaches $6B Settlement With US States Over Thousands Of Opioid-Related Lawsuits
Purdue Pharma Reaches $6B Settlement With US States Over Thousands Of Opioid-Related Lawsuits OxyContin creators Purdue Pharma and the Sackler family have reached a $6 billion settlement over their roles in the ongoing opioid crisis plaguing the country. The announcement comes following an earlier deal made with Purdue, headquartered in Stamford, Connecticut, that was ultimately appealed by eight states and the District of Columbia until the Sacklers kicked in more cash to get the deal done. Earlier story - NY, Other States Reach $4.5B Settlement With Purdue Pharma Over Its Role In Opioid Epidemic The $6 billion will be paid out over the course of 18 years, with larger payments fro…

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by Zak Failla
Business
Stamford-Based Purdue Pharma Admits To Crimes, Facing Billions In Fines For Opioid Crisis Role Stamford-Based Purdue Pharma Admits To Crimes, Facing Billions In Fines For Opioid Crisis Role
Stamford-Based Purdue Pharma Admits To Crimes, Facing Billions In Fines For Opioid Crisis Role Purdue Pharma, the maker of OxyContin, has agreed to pay billions of dollars in fines and will plead guilty to federal criminal charges for its role in the nation’s opioid crisis. The Fairfield County-based Connecticut company agreed to plead guilty in federal court in New Jersey to a three-count indictment that includes one count of dual-object conspiracy to defraud the United States and to violate the Food, Drug, and Cosmetic Act, and two counts of conspiracy to violate the Federal Anti-Kickback Statute. As part of the agreement, Purdue Pharma, whose headquarters is in Stamford, will…

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by Zak Failla