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The Sackler family is trying to shield billions in opioid profits through Purdue Pharma bankruptcy,
Source: Washington Post
The Sackler family is trying to shield billions in opioid profits through Purdue Pharma bankruptcy, states say
By Christopher Rowland
Oct. 4, 2019 at 7:23 p.m. EDT
The vast wealth of the Sackler family was thrust into the spotlight Friday in Purdue Pharma’s bankruptcy case, as two dozen states and the District of Columbia sought to block the family from winning a nine-month reprieve against OxyContin lawsuits.
Purdue Pharma last month asked the bankruptcy court to temporarily halt litigation against its Sackler family owners, a step that the company said is necessary to allow progress on a tentative multibillion settlement with more than 2,600 plaintiffs who have accused Purdue of deceptively marketing its blockbuster opioid pain pill.
States opposing the settlement strongly objected in a joint motion filed Friday in U.S. Bankruptcy Court in White Plains, N.Y.
“The Sacklers used the profits from their illegal scheme to become one of the richest families in the world — far wealthier than the company they ran,’’ the states said. “Now, the Sacklers seek to leverage Purdue’s corporate bankruptcy to avoid their own individual accountability.’’
-snip-
By Christopher Rowland
Oct. 4, 2019 at 7:23 p.m. EDT
The vast wealth of the Sackler family was thrust into the spotlight Friday in Purdue Pharma’s bankruptcy case, as two dozen states and the District of Columbia sought to block the family from winning a nine-month reprieve against OxyContin lawsuits.
Purdue Pharma last month asked the bankruptcy court to temporarily halt litigation against its Sackler family owners, a step that the company said is necessary to allow progress on a tentative multibillion settlement with more than 2,600 plaintiffs who have accused Purdue of deceptively marketing its blockbuster opioid pain pill.
States opposing the settlement strongly objected in a joint motion filed Friday in U.S. Bankruptcy Court in White Plains, N.Y.
“The Sacklers used the profits from their illegal scheme to become one of the richest families in the world — far wealthier than the company they ran,’’ the states said. “Now, the Sacklers seek to leverage Purdue’s corporate bankruptcy to avoid their own individual accountability.’’
-snip-
Read more: https://www.washingtonpost.com/business/economy/the-sackler-family-is-trying-to-shield-billions-in-oxycontin-profits-through-purdue-pharma-bankruptcy-states-say/2019/10/04/f0f3f67c-e6ad-11e9-a6e8-8759c5c7f608_story.html
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Source: Reuters
US states fight back against Purdue Pharma's bid to stop opioid lawsuits
Reuters
Fri 4 Oct 2019 23.42 BST
US state officials launched a legal counter-attack on Friday against Purdue Pharma’s attempt to shield itself and its controlling Sackler family members from thousands of lawsuits claiming the maker of the OxyContin prescription painkiller helped fuel the opioid epidemic.
Attorneys general from 24 states and the District of Columbia objected to Purdue’s request that a US bankruptcy judge shield the company from more than 2,600 lawsuits seeking billions of dollars in damages, according to court filings.
The lawsuits allege Purdue and the Sackler family members that own the Connecticut-based company contributed to a public health crisis that has claimed the lives of nearly 400,000 people since 1999 by aggressively marketing opioids while downplaying their addiction and overdose risks.
“The Sacklers are billionaires, they are not bankrupt,” Massachusetts attorney general Maura Healey told Reuters in an interview. “They should not be allowed to use the filing to shield their assets.”
-snip-
Reuters
Fri 4 Oct 2019 23.42 BST
US state officials launched a legal counter-attack on Friday against Purdue Pharma’s attempt to shield itself and its controlling Sackler family members from thousands of lawsuits claiming the maker of the OxyContin prescription painkiller helped fuel the opioid epidemic.
Attorneys general from 24 states and the District of Columbia objected to Purdue’s request that a US bankruptcy judge shield the company from more than 2,600 lawsuits seeking billions of dollars in damages, according to court filings.
The lawsuits allege Purdue and the Sackler family members that own the Connecticut-based company contributed to a public health crisis that has claimed the lives of nearly 400,000 people since 1999 by aggressively marketing opioids while downplaying their addiction and overdose risks.
“The Sacklers are billionaires, they are not bankrupt,” Massachusetts attorney general Maura Healey told Reuters in an interview. “They should not be allowed to use the filing to shield their assets.”
-snip-
Read more: https://www.theguardian.com/us-news/2019/oct/04/purdue-pharma-oxycontin-sacklers-opioid-lawsuits
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