Sacklers could hold on to most of personal fortune in proposed Purdue settlement
Source: Washington Post
Sacklers could hold on to most of personal fortune in proposed Purdue settlement
By Lenny Bernstein, Aaron C. Davis, Christopher Rowland and Renae Merle August 31 at 7:28 PM
The Sackler family, which grew into one of the nation’s wealthiest dynasties through sales of the widely abused painkiller OxyContin, could emerge from a legal settlement under negotiation with its personal fortunes largely intact, according to an analysis reviewed by The Washington Post and people familiar with the discussions.
Under a novel plan to relinquish control of their company, Purdue Pharma, and resurrect it as a trust whose main purpose would be to combat the opioid epidemic, the Sacklers could raise most, if not all, of their personal share of the $10 billion to $12 billion agreement by selling their international drug conglomerate, Mundipharma, according to the documents and those close to the talks.
Yet the proposed settlement — built on the projected value of drugs not yet on the market — offers gains for both sides if the company and more than 2,000 cities, counties, states and others that have sued Purdue and the family can craft a deal.
Purdue would produce millions of doses of badly needed anti-addiction medication and overdose antidotes for the public, free of charge; the company would also contribute hundreds of millions of dollars in cash and insurance policies that could be worth more; what’s left of the company, including its North Carolina production facility and other assets, would change hands.
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Read more: https://www.washingtonpost.com/health/sacklers-could-hold-on-to-most-of-personal-fortune-in-proposed-purdue-settlement/2019/08/31/4577f93a-cb71-11e9-a4f3-c081a126de70_story.html
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That's what lawyers and accountants do, they shield the ultra-wealthy from any accountability. Even if the companies go belly up and file for bankruptcy, the Sacklers will personally feel no harm. We know from the Paradise Papers (secret banking records) that their money has been safely taken out of the country years ago. The funds that will go into the settlement are just a small part of the profits from OxyContin. They got away with the rest.
How much money can one person spend in a lifetime? Is it worth it if you have to kill 400,000 (mostly poor) Americans to get it?
