Purdue Pharma can protect Sackler owners in opioid bankruptcy, court rules

[FakeNoose]

Last edited Tue May 30, 2023, 01:26 PM - Edit history (1)

Reuters link: https://www.reuters.com/legal/purdue-pharma-can-protect-sackler-owners-opioid-bankruptcy-court-rules-2023-05-30/

NEW YORK, May 30 (Reuters) - Bankrupt OxyContin maker Purdue Pharma can shield its owners, members of the wealthy Sackler family, from opioid lawsuits in exchange for a $6 billion contribution to the company's broader bankruptcy settlement, a U.S. appeals court ruled on Tuesday.

The New York-based 2nd U.S. Circuit Court of Appeals said that U.S. bankruptcy law allows legal protections for non-bankrupt parties, like the Sacklers, in extraordinary circumstances. Purdue has sought to use its bankruptcy case to resolve thousands of lawsuits, many filed by state and local governments, alleging that OxyContin helped kickstart an opioid epidemic that caused more than 500,000 U.S. overdose deaths over two decades.

Purdue has pleaded guilty to charges related to its opioid marketing, while its owners have expressed regret but denied wrongdoing. The Sackler family members have agreed to contribute up to $6 billion to a trust that will be used to pay the claims of states, victims of addiction, hospitals and others who have sued Purdue over its misleading marketing of OxyContin. In exchange, the Sacklers will receive broad legal protection from lawsuits related to the opioid crisis.

- more at link -

Anyone who doubts the guilt and greed of the Sackler family (especially Richard Sackler) should watch the award-winning miniseries "Dopesick" that came out in 2021. It's a depressing but true account of the OxyContin/opioid epidemic that has caused so many needless deaths and opioid addiction in the US. In some lawsuits the over-prescribing doctors have been held responsible. However District Attorneys in states such as Kentucky, Massachusetts and others have gone after Purdue as the main defendant.

The 2nd U.S Circuit Court of Appeals says the assets of Purdue are already depleted through bankruptcy. The company can no longer be sued for damages by the victims' families, because Purdue's profits were whisked off by its owners - the Sacklers - long ago. The profits were invested in off-shore accounts and foreign banks, and the US government has few options to recoup those funds. The Sacklers are billionaires now and several have left the country. So the Court ruled that the Purdue bankruptcy is the end of the line, the Sackler family members cannot be held liable as individuals.

[vanlassie]

1. The author Barbara Kingsolver just won a Pulitzer Prize

for her novel Demon Copperhead in which Perdue’s actions and effects are described.

[FakeNoose]

2. I'll look for her book - I love Barbara Kingsolver

Thanks for the tip!

[Hugh_Lebowski]

3. Mmmmm ... those 40's look good ...

Though they aren't the same as the ones from the early 2000's, the ones you could crush to powder with the bottom of your lighter and inhale. They switched formula's around 2006, became basically non-crushable.

See, the damn Sacklers f***ed my brain up, 17 years later, and I still think this way!

But hey, this is why rich people created 'corporations', right?

[crickets]

4. Too rich to catch, eh? 🙄

[FakeNoose]

5. The Sacklers knew to get their money out early

They must have seen the liability claims coming. If they didn't, their lawyers and accountants told them.