Purdue Pharma files for bankruptcy

National

(CNN) – Purdue Pharma has filed for bankruptcy.

The drug company took that step Sunday as a method for settling litigation with numerous states and governments that say the company fueled the opioid crisis.

Purdue Pharma issued a statement that says the “court-supervised process is intended to – among other things – facilitate an orderly and equitable resolution of all claims against Purdue.”

The Sackler family, Pharma’s owner, says they are working toward a “global resolution” for the matter.

They’ve also offered nearly $5 billion and part of future revenue from its drug sales.

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