The opioid crisis is seeking vengeance against Purdue Pharma L.P. and associated debtors, but what about the Sackler Family? Patrick Radden Keefe, a staff writer at The New York Times, wrote ‘How Did the Sacklers Pull This Off?’ an article that explains and answers many questions several Americans have regarding the immunity that the Sackler family is receiving. Mr. Radden Keefe explains two scenarios, a small-time drug dealer facing consequences in federal prison for the sale and indirect purchase of fentanyl, versus the Sackler Family and their known history of addictive opioids who continued to market their drugs as non-addictive, while the death-toll relating to opioids climbed. The family is not only receiving immunity against any criminal charges, but they have also settled investigations without any retributions, instead agreeing to pay financially.
To read the full article, follow the link below (subscription). https://www.nytimes.com/2021/07/14/opinion/sackler-family-opioids-settlement.html?searchResultPosition=2
To learn more about how we’re helping people fight the opioid crisis, view our Purdue Pharma Opioid Bankruptcy Page
By Brittany Mierzwa – Purdue Pharma faces over 600,000 claims in the United States Bankruptcy Court, Southern District of New York, in front of the Honorable Judge Robert D. Drain. Approximately 130,000 of these claims are Personal Injury, with a proposed settlement of a collective 700 to 750 Million Dollars. In the proposed restructuring plan published by Prime Clerk on March 15th, a three-tier scoring system was introduced to determine how claimants will get paid. Tiers have not been defined with definitive details; additional information is expected to be required to qualify a claim into a tier. An easy payment option has been suggested for claimants to accept a lower award amount if they are unable to provide the required information.
While hearings continue, two dozen State Attorneys General have rejected the proposed plan demanding more money up front from the Sackler Family, suggesting the family could walk away with impunity. In the proposed plan the Sackler Family would give up ownership and make payments over the next decade in the amount of 4.2 billion dollars of personal money to the settlement. Currently unnamed, referred to as NewCo, Purdue Pharma will transfer remaining assets to NewCo with a focus to address the opioid crisis.
The Nations Law Firm is actively watching the Purdue Pharma Bankruptcy claim, if you have questions about your case please call our office at (800)269-3050.
By Lacey Crawford – For nearly four hours Congress questioned two members of the billionaire Sackler family, David Sackler, 40, and his cousin, Dr. Kathe Sackler, 72, both having served on Purdue Pharma’s board for years. Purdue Pharma is the maker of OxyContin, the aggressively promoted painkiller that began America’s massive opioid epidemic that has killed more than 450,000 Americans.
From 2008 through 2017, the family skimmed approximately $10 billion from Purdue Pharma, placing the money in “offshore shell companies” as the two family members tried to lay blame on “management” and independent, nonfamily board members.
Eight members of the Sackler family have been named in several state cases.