Purdue Pharma and Mallinckrodt in turmoil as opioid settlements mount

Legal and financial troubles continue to mount for two prominent opioid manufacturers.

The big picture: The prospect of multibillion-dollar settlements — which are still a long way from being hashed out — is bringing painkiller companies that were once immensely wealthy to their knees.

What's happening: As part of its bankruptcy proceedings, Purdue Pharma launched a $24 million ad campaign to tell people how they can file claims against the company if they or family members were hurt or killed by Purdue's prescription opioids, AP reports.

• Bankruptcy may finally be a reality for Mallinckrodt's business that sells generic oxycodone and hydrocodone pills, according to the Wall Street Journal. Mallinckrodt's branded drug business, which includes the controversial Acthar Gel, would not be affected.

Go deeper: Opioid company founder gets 5.5-year prison sentence