US court approves Purdue Pharma bankruptcy plan - Breaking The News

US court approves Purdue Pharma bankruptcy plan

1 September

1 min read

EPA-EFE/JUSTIN LANE

A New York bankruptcy court gave on Wednesday its conditional approval to Purdue Pharma L.P.'s chapter 11 plan of reorganization. The company was accused of playing a part in the opioid epidemic in the United States and faced a large number of related lawsuits.

Purdue Pharma will be dissolved and its operating assets will be transferred to a new company, owned primarily by the newly-formed National Opioid Abatement Trust. The firm's owners, the Sackler family, will have no involvement in the new company and are paying $4.3 billion. In return, they will not be targeted by future lawsuits in relation to Purdue Pharma.

purdue pharma

Purdue Pharma owners to pay up to $7.4B in opioid settlement

23 January

New York Attorney General Letitia James announced on Thursday that the Sackler family members, who own the OxyContin maker Purdue Pharma, reached a settlement to pay up to $7.4 billion "for their instrumental role in creating the opioid crisis."According to the new settlement, the Purdue Pharma owners will contribute up to $7.4 billion over the span of 15 years, with a portion of the money going to the victims of the opioid crisis. The first payment of $1.5...

McKinsey to pay $650M for role in opioid crisis

13 December

Consulting company McKinsey & Co. agreed on Friday to pay $650 million to settle federal charges related to its role in the opioid crisis in the United States. The firm was accused of a conspiracy to defraud the government together with Purdue Pharma L.P. in misrepresenting painkillers, including OxyContin. "This included a strategy to identify which current OxyContin prescribers would likely generate the greatest number of additional prescriptions if called on by...

SCOTUS rules against Purdue Pharma settlement

27 June

The Supreme Court of the United States (SCOTUS) struck down on Thursday the settlement Purdue Pharma reached with various plaintiffs for its role in the opioid epidemic. According to the deal, the plaintiffs would receive around $6 billion and Purdue Pharma would go into bankruptcy, but the company owners the Sackler family would be protected from further litigation. The 5-4 Supreme Court majority said the Sackler family intends to shield itself from "claims...

Judge overturns Purdue Pharma's $4.5B settlement

17 December

A federal judge overturned Purdue Pharma's offer to settle lawsuits raised over the company's role in the opioid crisis through marketing practices for its powerful painkiller OxyContin. Purdue stated afterward that it would appeal the ruling. The company and its owners, the Sackler family, have previously come to an agreement with 15 US states to release documents and provide a payment of $4.5 billion total over the next nine years in order for the states...

This website uses cookies to ensure you get the best experience. Our Terms of Use and Data Protection Policy explain the data we collect, why we collect them, and how we may share them.