Purdue in $634 million settlement over OxyContin

Purdue Pharma to pay $634 million to settle 4-year investigation over OxyContin painkiller marketing.


NEW YORK (CNNMoney.com) -- Purdue Pharma agreed to pay out $634 million to defendants in its OxyContin settlement with federal authorities based in West Virginia.

Purdue acknowledged that staffers had violated prescription requirements for its OxyContin painkiller. The company also acknowledged that its "fraudulent conduct caused a greater amount of OxyContin to be available for illegal use than otherwise would have been available."

The drugmaker also said that three "top executives" would be charged with felonies. The company said that it will also be charged with a felony.

The $634 million represents 90 percent of the profits for OxyContin sales during the time of the offense. Top of page

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.