Judge conditionally approves Purdue Pharma opioid settlement
Source: Associated Press
4 minutes ago
A federal bankruptcy judge on Wednesday gave conditional approval to a sweeping, potentially $10 billion plan submitted by OxyContin maker Purdue Pharma to settle a mountain of lawsuits over its role in the opioid crisis that has killed a half-million Americans over the past two decades.
Under the settlement reached with creditors including individual victims and thousands of state and local governments, the Sackler family will give up ownership of the company and contribute $4.5 billion but will be freed from any future lawsuits over opioids.
The drugmaker will be reorganized into a new company with a board appointed by public officials and will funnel its profits into government-led efforts to prevent and treat opioid addiction.
Also, the settlement sets up a compensation fund that will pay some victims of drug addiction an expected $3,500 to $48,000 each.
Read more: https://apnews.com/article/purdue-pharma-opioid-settlement-6fd3e10dcd6b0eeffd2f0b885efd4693
cstanleytech
(26,080 posts)of the Sackler family?
The Magistrate
(95,237 posts)It's to be paid over a term of years, and amounts to little more than expected return on principal.
PSPS
(13,512 posts)cstanleytech
(26,080 posts)they would still have atleast 10 billion to live on.
Sounds like a sweetheart deal they bought themselves then considering how much its going to actually probably cost to clean up their mess.
Wuddles440
(1,098 posts)the pain, misery, suffering, and death caused by these scumbags, this settlement is actually a win for them. The individual members should never have been granted immunity from prosecution.
Comfortably_Numb
(3,777 posts)ck4829
(34,976 posts)cadoman
(792 posts)"The drugmaker will be reorganized into a new company with a board appointed by public officials and will funnel its profits into government-led efforts to prevent and treat opioid addiction."
So basically the settlement is the Sackler's pay the politicians to give their kids getting cushy jobs doling out contracts to their friends and parents.
A small trickle of money eventually makes it to the victims who have now been deprived of their right to sue.