Stamford mayor: Too soon to see if Purdue Pharma's bankruptcy filing will affect economy

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In the wake of Purdue Pharma filing for Chapter 11, the city of Stamford, where the company is headquartered, is trying to get a handle on how this might affect the local economy and jobs.

Purdue Pharma told News 12 Connecticut its settlement is estimated to provide more than $10 billion to address the opioid crisis, including potentially contributing millions of doses of lifesaving opioid overdose reversal medications.

Beyond that, the company will say nothing about its future in Stamford.

Stamford Mayor David Martin says he's still trying to process the bankruptcy filing by the Oxycontin maker.

"While we're not happy about loss of employment, I don't think it's going to have a material impact on the city of Stamford economically," said Martin.

For the last couple of years, residents have been protesting Purdue Pharma's production of opioids that they say have caused addictions that led to deaths. Now, the company is in the middle of thousands of lawsuits with state and city governments all over the country.

Joe McGee, with the Business Council of Fairfield County, like the mayor, says it may be too early to tell how Stamford will be affected.

Connecticut Attorney General William Tong said in a statement, "We will hold Purdue accountable for the pain and suffering and death they have caused."

A hearing on the debtors' first day motions will be held Tuesday morning in White Plains.

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