Sackler Family, Owner Of Purdue Pharma, Set To Win Immunity From Opioid Lawsuits : NPR - 0 views
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After more than a year of high stakes negotiations with billions of dollars on the line, a bankruptcy plan for Purdue Pharma, the maker of Oxycontin, cleared a major hurdle late Wednesday.
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Public health experts and many government officials say the introduction of Oxycontin fueled the nation's deadly opioid epidemic.
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According to legal documents filed as part of the case, that immunity would extend to dozens of family members, more than 160 financial trusts, and at least 170 companies, consultants and other entities associated with the Sacklers.
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"The Sacklers are paying $4.275 billion and they very much plan and expect to be done with this chapter," said Marshall Huebner, an attorney representing Purdue Pharma, during a hearing last week. One of the firms that would secure protection from future opioid lawsuits under the deal is Luther Strange & Associates, founded by former U.S. Sen. Luther Strange (R-Alabama) who helped Purdue Pharma pitch the bankruptcy plan to Republican state attorneys general.
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In the coming weeks, more than 600,000 individuals, companies and governments with claims against Purdue Pharma will vote on the package, described by attorneys involved in the process as one of the most complicated and controversial bankruptcies ever.
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The reorganization plan also includes a detailed formula that would be used to distribute hundreds of millions of dollars each year in aid to communities and individuals harmed by opioids.
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But critics, including more than 20 mostly Democratic state attorneys general, say the Sacklers are improperly piggybacking on their company's bankruptcy without actually filing for bankruptcy themselves.
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Again, the Sacklers have denied any wrongdoing, have never been charged with crimes. As part of their settlement with the DOJ, members of the Sackler family paid $225 million while denying the allegations.
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"Raymond Sackler family members have consistently expressed their regret that OxyContin, which continues to help patients suffering from chronic pain, unexpectedly became part of the opioid crisis," the family said in a statement.
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The Sacklers maintain they did nothing wrong and acted ethically. If this bankruptcy plan is approved and upheld on appeal, it's unlikely the allegations will ever be tested in court.