Purdue pharma settles lawsuit with Oklahoma

The pharmaceutical company, based in Stamford, Connecticut, and owned by the Sackler family, will pay $270 million to resolve the suit, according to reports by Reuters and the Wall Street Journal citing sources close to the matter.

Officials confirmed with the Associate Press a settlement was reached but did not disclose the terms. Purdue, the maker of OxyContin since 1996, faces more than 1,000 lawsuits.

A news conference covering details of the settlement is scheduled for Tuesday afternoon.

— The Associated Press contributed to this report.