Purdue Pharma Files for Bankruptcy as Part of Settlement
According to Geoff Mulvihill of AP News, Purdue Pharma filed for bankruptcy in White Plains, New York, after reaching a tentative settlement with many of the state and local governments suing the company over the toll of opioids. The company has made billions selling the prescription painkiller OxyContin, The filing was expected around the tentative deal, which could be worth up to $12 billion over time, was struck.
“This settlement framework avoids wasting hundreds of millions of dollars and years on protracted litigation, and instead will provide billions of dollars and critical resources to communities across the country trying to cope with the opioid crisis. We will continue to work with state attorneys general and other plaintiff representatives to finalize and implement this agreement as quickly as possible,” Steve Miller, chairman of Purdue’s board of directors, said in a statement on the Purdue website.
However, Purdue chairman Miller said that the company has not admitted wrongdoing and does not intend to.
“The alternative is to not settle but instead to resume the litigation,” he said on a conference call with reporters. “The resumption of litigation would rapidly diminish all the resources of the company and would be lose-lose-lose all the way around. Whatever people might wish for is not on the table now.”
The opioid crisis has been devastating communities across America. Nearly 64,000 Americans died from a drug overdose in 2016 alone. In October 2017, President Trump declared the opioid crisis a public health emergency.
Dan Diamond @POLITICO
“Between 1999 and 2017, nearly 400,000 people died from an opioid-related overdose.
More than 120 Americans continue to die every day from opioid overdoses. https://www.cdc.gov/drugoverdose/epidemic/index.html”
WHAT THE LEFT IS SAYING: Amy McGrath, Running for Senate, Democrat.
“As Purdue Pharma files for bankruptcy, we must hold the company—and the Sackler family that owns it—accountable for helping create Kentucky’s opioid crisis.
Mitch McConnell should return the campaign cash he’s taken from the family. #SenatorForSale”
Qasim Rashid, Esq, VA Senate District 28 Dem Nominee.
“The Sackler family made over $4B off the opioid crisis & trasferred billions to offshore accounts to avoid taxes
Now—after killing 47,000 Americans a year thru addiction—they seek a bankruptcy settlement????
Horrific injustice. Where is the accountability?”
WHAT THE RIGHT IS SAYING: Ohio Attorney General Dave Yost. Republican.
“AG Yost issued the following statement today regarding Purdue Pharma’s bankruptcy filing.”