n exchange for giving up ownership of drug manufacturer Purdue Pharma and for contributing up to $6 billion to fight the crisis, members of the wealthy Sackler family would be exempt from any civil lawsuits.
Tag: Purdue Pharma
Sackler Family Will Be Shielded from Lawsuits as Part of $6B OxyCotin Settlement
A federal appeals court cleared the way for the maker of OxyContin to settle thousands of legal claims tied to the opioid epidemic while shielding the wealthy owners of Purdue Pharma, the Sackler family, from future lawsuits.
Purdue’s Sacklers Consider Adding Another $1 Billion to Opioid Settlement
According to people familiar with the talks, members of the billionaire Sackler family, who own Purdue Pharma LP, are debating whether to add $1 billion to the OxyContin maker’s faltering opioid settlement bid in an effort to win over holdouts. The move would bring the family’s total contribution to $5.325 billion to get a handful… Continue reading Purdue’s Sacklers Consider Adding Another $1 Billion to Opioid Settlement
Judge Overturns Deal Giving Purdue Pharma’s Sackler Family Civil Immunity from Opioid Claims
The billionaire Sackler family that created the company could not be released from legal claims over the opioid epidemic, according to a federal judge who has upended the bankruptcy plan of OxyContin maker Purdue Pharma. In a 142-page ruling, U.S. District Judge Colleen McMahon in New York said that the controversial provision to grant the… Continue reading Judge Overturns Deal Giving Purdue Pharma’s Sackler Family Civil Immunity from Opioid Claims
Purdue Pharma Offers Plan to End Sackler Control and Mounting Lawsuits
In a filing that signifies the beginning of the end of the country’s most notorious manufacturer of prescription opioids, Purdue Pharma submitted its bankruptcy restructuring plan just before midnight on Monday. The blueprint requires members of the billionaire Sackler family to relinquish control of the company and transforms it into a new corporation with revenue… Continue reading Purdue Pharma Offers Plan to End Sackler Control and Mounting Lawsuits
Purdue Pharma Seeks Ruling on Its Right to Billions in Insurance Coverage
Purdue Pharma LP and some of its creditors want a judge to rule on their contention that they have rights to as much as $3.3 billion in insurance coverage as the OxyContin maker continues working on a plan to exit chapter 11 and recover proceeds to help address the opioid epidemic. Stamford, Conn.-based Purdue last… Continue reading Purdue Pharma Seeks Ruling on Its Right to Billions in Insurance Coverage
Documents Show Sacklers Cited Fear of OxyContin Lawsuits before Transferring $10B from Company
Members of the wealthy Sackler family, owners of OxyContin maker Purdue Pharma LP, have long denied that the $10 billion they transferred from their company over the course of a decade was an unlawful attempt to shield assets in anticipation of litigation over their role in the opioid crisis. But a review of emails, memos,… Continue reading Documents Show Sacklers Cited Fear of OxyContin Lawsuits before Transferring $10B from Company
OxyContin Maker Purdue Pharma to Plead to Three Criminal Charges
Drugmaker Purdue Pharma, the company behind the powerful prescription painkiller OxyContin that experts say helped touch off an opioid epidemic, will plead guilty to federal criminal charges as part of a settlement of more than $8 billion, the Justice Department announced Wednesday. The deal does not release any of the company’s executives or owners —… Continue reading OxyContin Maker Purdue Pharma to Plead to Three Criminal Charges
Feds Seek Multibillion-Dollar Payout from OxyContin-Maker Purdue Pharma
U.S. Department of Justice officials are reportedly seeking up to $18 billion from bankrupt OxyContin-maker Purdue Pharma, which is trying to settle thousands of lawsuits that allege its marketing fueled the national opioid crisis. The Justice Department has valued its civil claims at $2.8 billion — an amount that could be legally tripled — and… Continue reading Feds Seek Multibillion-Dollar Payout from OxyContin-Maker Purdue Pharma
Purdue’s Sackler Family Accused of Fraud in Transfers of Opioid Profits
Members of the Sackler family who control OxyContin-maker Purdue Pharma LP allegedly used a web of corporate entities to transfer funds from the company to themselves, moves the New York attorney general says were fraudulent, on the basis that the company was already insolvent or close to it. An amended lawsuit filed Thursday by New… Continue reading Purdue’s Sackler Family Accused of Fraud in Transfers of Opioid Profits