Opioid manufacturer Mallinckrodt reaches $1.6 billion settlement

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KNOXVILLE, Tenn. (WATE) – An opioid company has reached a $1.6 billion settlement agreement.

Mallinckrodt says this deal resolves all drug-related claims against the company and its subsidiaries.

The agreement is with attorney generals of 47-states and U.S. territories; Tennessee is one of those states.

The payments for plaintiffs will be received over an eight-year period.

Funds will be used to help take care of addiction costs and additional needs.

Mallinckrodt’s main subsidiaries will file for Chapter 11 bankruptcy.

There have been 27 suspected overdose deaths in Knox County so far this year.

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