US: Purdue Pharma tentatively settles thousands of opioid cases - PressFrom - US
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USPurdue Pharma tentatively settles thousands of opioid cases

00:35  12 september  2019
00:35  12 september  2019 Source:   nytimes.com

Purdue Pharma, drugmaker accused of fueling the opioid epidemic, files for bankruptcy

Purdue Pharma, drugmaker accused of fueling the opioid epidemic, files for bankruptcy Purdue Pharma, the narcotics manufacturer blamed for triggering America’s opioid crisis through its aggressive marketing of the highly addictive painkiller OxyContin, filed for bankruptcy Sunday. The company’s move to seek financial shelter, part of a tentative settlement with thousands of litigants, will shift the focus to new wrangling over how potential proceeds will be divvied […]

Purdue Pharma and its owners, members of the Sackler family, have tentatively reached the first comprehensive settlement with lawyers representing thousands of municipal governments, tribes and states nationwide that are suing the pharmaceutical industry for the devastation resulting from the

Purdue Pharma Agrees To 0 Million Opioid Settlement With Oklahoma. Purdue Pharma , headquartered in Stamford, Conn., the Sackler family, which owns the company, settled a case brought by the Oklahoma attorney general.

Purdue Pharma and its owners, members of the Sackler family, have tentatively reached the first comprehensive settlement with lawyers representing thousands of municipal governments, tribes and states nationwide that are suing the pharmaceutical industry for the devastation resulting from the opioid epidemic.

The company is expected to file for Chapter 11 bankruptcy imminently. The settlement, which was described by two people involved in the negotiations, involves the dissolution of Purdue Pharma as it now exists, the formation of a new company that will continue to sell its signature opioid, OxyContin, with the proceeds going to a public beneficiary company that will pay the plaintiffs. Purdue Pharma also will donate “rescue” drugs, several of which are in development, for addiction treatment and overdose reversal.

Sackler family could pay billions in personal wealth to settle opioid lawsuits

Sackler family could pay billions in personal wealth to settle opioid lawsuits Purdue Pharma, the maker of Oxycontin, is accused of fueling the opioid crisis

Purdue Pharma LP said it’s in talks with state attorneys general and other plaintiffs to try and reach a settlement resolving thousands of lawsuits alleging the company was at least partly responsible for the US opioid crisis. Purdue and its owners, the Sackler family, have offered billion to billion

Topline: Purdue Pharma , which is owned by the billionaire Sackler family, offered to pay billion to billion to settle more than 2,000 lawsuits Purdue , the manufacturers of the painkiller OxyContin, are accused in thousands of lawsuits across the country of aggressively and deceptively marketing

The Sackler family will pay $3 billion in cash over seven years.

The settlement does not include a statement of wrongdoing.

The company declined to comment.

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The settlement is a landmark moment in the long-running effort to compel Purdue Pharma, the company whose drug is seen as an early driver of the crisis, and its owners, the Sacklers, to have their day of reckoning for the deaths of hundreds of thousands of people from overdoses and the calamitous systemic costs.

The settlement comes scarcely six weeks before the start of the first federal trial in the sprawling opioid litigation in front of a federal judge in Cleveland who has recently issued tough pretrial rulings against the defendants — drug manufacturers including Purdue, as well as drug distributors and chain retailers. Although other manufacturers have already settled in that case, as well as in an earlier state opioid trial in Oklahoma, the Purdue agreement is the first so-called “global” arrangement. Negotiated by a team of five lawyers representing nearly 2,300 lawsuits in federal court, as well as by lawyers for the states, the resolution would end almost all of the cases against Purdue.

Attorneys general: Opioid settlement talks with Purdue fail

Attorneys general: Opioid settlement talks with Purdue fail CLEVELAND (AP) — OxyContin maker Purdue Pharma is expected to file for bankruptcy after settlement talks over the nation's deadly overdose crisis hit an impasse, attorneys general involved in the talks said Saturday. The breakdown puts the first federal trial over the opioid epidemic on track to begin next month, likely without Purdue, and sets the stage for a complex legal drama involving nearly every state and hundreds of local governments. Purdue, the family that owns the company and a group of state attorneys general had been trying for months to find a way to avoid trial and determine Purdue's responsibility for a crisis that has cost 400,000 American lives over t

Purdue Pharma , the opioid drug-maker owned by the billionaire Sackler family, is reported to be offering between bn and bn to settle thousands of lawsuits against it. The firm said in a statement: "While Purdue Pharma is prepared to defend itself vigorously in the opioid litigation, the

Purdue Pharma , which makes OxyContin, is offering between billion and billion dollars to settle , NBC News reported Tuesday, citing two people familiar with the mediation. The Sackler family would give up its ownership of Purdue Pharma and pay at least billion of its own money under

But because the deal falls short of what some state attorneys general had insisted upon, they have said that they will continue to pursue the Sacklers themselves. In recent weeks, perhaps in anticipation of legal fortresses built by the Sacklers to guard their fortune, which Forbes estimated to be about $13 billion, more states, including Virginia, New Mexico and Delaware, have been filing cases against members of the family. The states have used an array of legal tactics, hoping for an even bigger payout from the Sacklers and to force them out of the pharmaceutical business altogether.

Related video: Australia follows US path to an opioid crisis (provided by The Associated Press)

A critical sticking point has been the timing of the family’s sale of its global pharmaceutical business, Mundipharma, and the contribution the family would make from the proceeds. Some attorneys general, including those from Massachusetts, New York, and Connecticut, who have not signed on to the settlement, had been pressing the family to sell the company immediately and to discontinue manufacturing drugs for international markets. And regardless of what price Mundipharma fetched, the attorneys general said, they wanted the Sacklers to commit an additional $1.5 billion up front.

New York Uncovers $1 Billion in Sackler Family Wire Transfers

New York Uncovers $1 Billion in Sackler Family Wire Transfers The New York attorney general’s office said Friday that it had tracked about $1 billion in wire transfers by the Sackler family, including through Swiss bank accounts, suggesting that the family tried to shield wealth as it faced a raft of litigation over its role in the opioid crisis. 

Purdue Pharma settles Oklahoma opioid lawsuit for 0 million. By Megan Cerullo. OxyContin maker Purdue Pharma will pay 0 million to settle litigation with Oklahoma over the drugmaker's Some critics said the deal denies opioid victims and their families a chance to make their case in court.

Purdue Pharma is involved in talks to settle thousands of federal and state lawsuits that accuse it of fueling the nation's opioid epidemic, the company confirmed to CNN one day after another pharmaceutical giant was ordered to pay more than 0 million for its role in a single state's drug

The family refused to do so.

“Connecticut has not agreed to any settlement,” William Tong, the state’s attorney general, said in a statement. “Our position remains firm and unchanged and nothing for us has changed today.” He added: “I cannot predict whether Purdue will seek bankruptcy, but all I can say is we are ready to aggressively pursue this case wherever it goes — whether it is in the Connecticut courts or through bankruptcy.”

Often when a company goes into Chapter 11 bankruptcy, all litigation against it is stayed. The deconstruction and evolution of Purdue would now be presumably overseen by a bankruptcy judge and, eventually, trustees appointed to assemble a new, transparent board, which would not include any of the Sacklers.

Still unclear is what the distribution of any Purdue and Sackler money would look like for 23 states and nearly 2,300 local governments and tribes that signed onto the deal, as well as for the federal government, which has been investigating the company, plus hospitals, insurers and a group representing infants born with neonatal abstinence syndrome, which have also brought lawsuits.

Purdue Pharma to stay in business as bankruptcy unfolds

Purdue Pharma to stay in business as bankruptcy unfolds A judge cleared the way Tuesday for OxyContin maker Purdue Pharma to stay in business while it pursues bankruptcy protection and settlement of more than 2,600 lawsuits filed against it in a reckoning over the opioid crisis. © Provided by The Associated Press FILE - This May 8, 2007, file photo shows the Purdue Pharma logo at its offices in Stamford, Conn.

OxyContin maker Purdue Pharma has agreed to pay 0 million to settle a historic lawsuit brought by the Oklahoma attorney general who accused the company of aggressively marketing the opioid painkiller and fueling a drug epidemic that left thousands dead in the state

Purdue Pharma , which makes OxyContin, is offering between billion and billion dollars to settle , NBC News reported Tuesday, citing two The Sackler family would give up its ownership of Purdue Pharma and pay at least billion of its own money under terms of the settlement proposal

Another significant question to be resolved is where, legally and practically, the settlement would leave the Sacklers themselves. They are not the company nor, apparently, are they insolvent and in need of bankruptcy protection. Whether they would be legally insulated by the settlement is in dispute.

One question is whether the Sacklers’ payouts in the settlement would bind them into Purdue’s bankruptcy proceeding and therefore halt the lawsuits against them as well as the company. Purdue is expected to file for bankruptcy in New York, which has occasionally looked favorably upon such conditions.

Many of the two dozen states that have named individual Sacklers as defendants have said that the family has been intentionally taking billions of dollars out of the company ever since 2007, when Purdue and its executives paid a $635 million fine to resolve federal civil and criminal charges related to the “misbranding” of OxyContin.

Legally speaking, this is known as “fraudulent conveyance,” and it could very well be a claim for the states to pursue in bankruptcy court. Some states have been aggressively hunting for where the Sacklers have deposited their money, particularly the New York attorney general’s office, which recently issued 33 subpoenas, including to offshore holding companies.

The Sacklers, however, have long said that whatever funds they withdrew from Purdue were appropriate dividends from a company they owned and directed.

Nation's first all-digital nuclear reactor dedicated at Purdue.
All US reactors worked using analog technology before the digital conversion.

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