Purdue Pharma settles Oklahoma opioid case

Purdue Pharma, the producer of OxyContin, settled a lawsuit on Tuesday brought by the state of Oklahoma alleging that the company made billions of dollars while fueling the country's opioid crisis, reports Bloomberg.

The big picture: Purdue was set to go to trial in Oklahoma in May, along with fellow opioid manufacturers Johnson & Johnson and Teva. The settlement only covers the claims against Purdue, which agreed to pay $270 million with the help of its owners, the Sackler family, per the Wall Street Journal. The outcome of the Oklahoma case was largely viewed as a bellwether for a much larger, consolidated national opioids lawsuit underway in Ohio.

Go deeper: Where the national opioids lawsuit could be headed