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OxyContin

McKinsey & Company has reached a $573 million settlement with nearly 50 state governments as well as the District of Columbia and territories, over its role helping to market and boost sales of high-risk opioids including OxyContin.

Most of the funds will be devoted to paying for treatment and rehabilitation programs in communities devastated by the addiction crisis. As part of the settlement, McKinsey admits to no wrongdoing.

This deal heads off civil lawsuits threatened by state attorneys general.

When Ashwani Sheoran showed up for early morning shifts at pharmacies in rural Michigan wearing his white Walmart smock, he often found customers waiting, desperate for bottles of pain pills.

"I see my patients, 15 to 20, already lined up to get prescriptions filled for morphine sulfate, oxycodone and other straight narcotics," he said.

This was in 2012 when the prescription opioid epidemic was exploding, killing tens of thousands of Americans every year.

Updated at 1:22 p.m. ET

The family that owns Purdue Pharma pulled billions of dollars from the company after introducing its signature opioid medication, OxyContin, growing personally wealthy as the heavily marketed drug took on a significant role in a nationwide addiction crisis.

Updated at 9:35 p.m. ET

New York state Attorney General Letitia James says the family that owns Purdue Pharma, maker of the opioid OxyContin, used Swiss bank accounts to transfer $1 billion from the company to itself.

The allegation, which came in court documents filed late Friday, indicates that the Sackler family is trying to keep its wealth free from potential liability in other court cases involving Purdue Pharma's role in the opioid crisis.

Purdue Pharma, the maker of the opioid drug OxyContin, has reached a tentative deal worth billions of dollars that would resolve thousands of lawsuits brought by municipal and state governments who sued the company for allegedly helping to fuel the opioid crisis.

The pending settlement likely means Purdue will avoid going to trial in the sprawling and complicated case involving some 2,300 local governments across 23 states.

Updated at 3:20 p.m.

The first of more than 1,600 lawsuits pending against Purdue Pharma, the maker of the opioid OxyContin, has been settled.

The drugmaker has agreed to pay $270 million to fund addiction research and treatment in Oklahoma and pay legal fees.

Oklahoma Attorney General Mike Hunter filed suit two years ago alleging Purdue helped ignite the opioid crisis with aggressive marketing of the blockbuster drug OxyContin and deceptive claims that downplayed the dangers of addiction.

cardinalhealth.com

The head of Dublin-based Cardinal Health, a defendant in multiple lawsuits filed by communities and states over the distribution of opioids, says his firm plans a vigorous defense.