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Purdue in $634 million settlement over OxyContin

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

July 20 2007: 6:22 PM EDT

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.

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