The Sackler family, owners of Purdue Pharma, refused to surrender $4.5 billion in personal wealth to settle opioid claims against the company, which is now expected to file for bankruptcy, according to NPR.
Two state attorneys general involved in the settlement talks, Josh Stein of North Carolina and Herbert Slatery of Tennessee, wrote in an email obtained by NPR that they believe Purdue Pharma will "imminently" file for bankruptcy and that some states have already begun preparations for handling bankruptcy proceedings.
They added that the Sackler family declined to offer a counterproposal to the offered settlements.
If the drugmaker files for bankruptcy without reaching a structured deal, it could take years to sort out the remaining value of the company's assets and determine who would be paid first, according to NPR.
In response to news about the stalled settlement talks, Purdue Pharma, told NPR Sept. 8, it thinks a deal is still possible and it "remain[s] dedicated to a resolution that genuinely advances the public interest."
The pressure on Purdue Pharma to reach a settlement is intensifying because a federal opioid trial is set to begin Oct. 21 in Cleveland.