oxycontin

Updated at 1:22 p.m. ET

The family that owns Purdue Pharma pulled billions of dollars from the company after introducing its signature opioid medication, OxyContin, growing personally wealthy as the heavily marketed drug took on a significant role in a nationwide addiction crisis.

Purdue Pharma, the maker of OxyContin, filed for Chapter 11 bankruptcy protection Sunday night, just days after striking a settlement with more than 2,000 local governments over its alleged role in creating and sustaining the deadly opioid crisis.

Purdue Pharma, the maker of the opioid drug OxyContin, has reached a tentative deal worth billions of dollars that would resolve thousands of lawsuits brought by municipal and state governments who sued the company for allegedly helping to fuel the opioid crisis.

The pending settlement likely means Purdue will avoid going to trial in the sprawling and complicated case involving some 2,300 local governments across 23 states.

As of July 1, the Ohio Bureau of Workers' Compensation will no longer pay for a powerful painkiller that’s at the center of the opioid crisis here in the Buckeye State.