BLK ALERTS

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    ‘All American: Homecoming’ Cast On Black History, Representation And Coming Together For An Epic BHM Photoshoot – Shadow and Act

    February 1, 2023

    VH1 Sets New Digital Series Featuring Jaida Essence Hall, Brooke Valentine And  Santwon McCray For Black History Month – Shadow and Act

    February 1, 2023

    Will Smith & Martin Lawrence Celebrate ‘Bad Boys 4’ + ‘Power Book II: Ghost’ Renewed, Michael Ealy Joins Cast + SWV & XSCAPE’s New BRAVO Series

    February 1, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram Vimeo
    BLK ALERTS
    Subscribe Login
    • Home
    • Lifestyle
    • News
    • Crime
    • Entertainment
    • Opinion
    • Sports
    • Politics
    BLK ALERTS
    Home»News»Sackler Family Considering Giving up Purdue Pharma in Settlement Deal Valuing $10-12 Billion
    News

    Sackler Family Considering Giving up Purdue Pharma in Settlement Deal Valuing $10-12 Billion

    Catherine Chorney, DIBy Catherine Chorney, DIAugust 31, 2019Updated:September 7, 2019No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    In a settlement proposal, the terms would be that the Sackler family would pay $3 billion of their personal funds to resolve the other lawsuits that are still in process.

    What We Know:

    • After the release of the 2015 deposition, the Sackler family is considering no longer owning Purdue Pharma. This could be due to the financial and social pressure that Purdue Pharma is feeling. They are currently being held accountable for aiding the opioid epidemic.
    • It has been reported that over the last two decades more than 400,000 people have died from opioid overdoses. Many connect the aggressive push for OxyContin to be used with the opioid crisis.
    • Back in 2007, the company paid a fine of $600 million when Purdue and three top executives pleaded guilty to misleading “regulators, doctors and patients about the drug’s risk of addiction and its potential to be abused.” Even after paying the fine, Purdue continued with their incomplete and misleading promotion of OxyContin. The court settlement could be between $10 to $12 billion in total. Earlier this year, it was estimated that the Sackler family was worth around $13 billion.
    • Purdue’s response to the reports states, “While Purdue Pharma is prepared to defend itself vigorously in the opioid litigation, the company has made clear that it sees little good coming from years of wasteful litigation and appeals. The people and communities affected by the opioid crisis need help now. Purdue believes a constructive global resolution is the best path forward, and the company is actively working with the state attorneys general and other plaintiffs to achieve this outcome.”
    • In the settlement, Purdue Pharma would file for bankruptcy and become a public beneficiary trust. The trust will be overlooked by three uninvolved trustees. This trust would become a place of public rehabilitation. It would provide addiction treatment drugs for free. It would also be agreed that the plaintiffs would get the profits from all drug sales.
    • The value of the profits from the new trust and the drug donations is estimated to total between $7-8 billion. In addition to their $3 billion cash payout, the Sacklers would sell another drug company they own, Mundipharma, and contribute an additional $1.5 billion from the proceeds, according to The New York Times.
    • This complex case has 10 other U.S. states involved with the negotiation talks. We are still waiting for the outcome of the 38 states that have also filed lawsuits.

    If the settlement goes through, then Purdue would be at the forefront of dozens of companies that would be held responsible for having a part in the opioid epidemic.

    Big pharma billions Lawsuit OxyContin pharmaceutical Purdue Pharma Sacklers
    Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
    Previous ArticleOne Month Later, No Arrests Have Been Made In Veracruz Bar Massacre
    Next Article Inspire Change Organization From Jay-Z/NFL Partnership Sparks Mixed Reactions
    Catherine Chorney, DI

    Catherine Chorney was a Digital Intern at Black News Alerts.

    Related Posts

    Texas death row inmates sue over solitary confinement

    January 27, 2023

    Jay-Z-funded lawsuits end as Mississippi improves prison

    January 24, 2023

    Rapper Flo Rida awarded $82.6M for breach of contract case

    January 20, 2023

    Illinois agency wrongfully imprisoned children, lawsuit states

    January 19, 2023
    Our Picks

    Will Smith & Martin Lawrence Celebrate ‘Bad Boys 4’ + ‘Power Book II: Ghost’ Renewed, Michael Ealy Joins Cast + SWV & XSCAPE’s New BRAVO Series

    February 1, 2023

    IT’S UP! Dates For Beyoncé’s Renaissance World Tour Released To Kick Off Black History Month

    February 1, 2023

    R.I.P.: Rickey Smiley Asks Family & Friends To ‘Give Him A Minute’ As He Grieves His Son’s Passing, Reportedly No Foul Play Suspected

    January 31, 2023

    Juan Dixon Affair?! Robyn Dixon Admits Juan Was ‘Bored’ And Cheated On Her Again, But She ‘Worked Through It’ And Married Him Again

    January 31, 2023
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo
    Don't Miss
    Shadow and Act

    ‘All American: Homecoming’ Cast On Black History, Representation And Coming Together For An Epic BHM Photoshoot – Shadow and Act

    By Shadow And ActFebruary 1, 20230

    VH1 Sets New Digital Series Featuring Jaida Essence Hall, Brooke Valentine And  Santwon McCray For Black History Month – Shadow and Act

    February 1, 2023

    Will Smith & Martin Lawrence Celebrate ‘Bad Boys 4’ + ‘Power Book II: Ghost’ Renewed, Michael Ealy Joins Cast + SWV & XSCAPE’s New BRAVO Series

    February 1, 2023

    ‘RHOBH’s Erika Jayne’s Estranged Spouse Tom Girardi Indicted For Scamming Clients Out Of Millions

    February 1, 2023

    Subscribe to Updates

    Get the latest creative news from BLK ALERTS about our community.

    About Us
    About Us

    Your source for all things BLACK. BLKALERTS is crafted specifically for humans of the Brown and Black experience. The BLKALERTS app is available in all app stores.

    We're accepting new partnerships right now.

    Email Us: connect@blkalerts.com
    Contact: +1-929-251-6500

    Our Picks

    NBA Draft and More Trade News

    November 19, 2020
    Facebook Twitter Instagram Pinterest
    • Home
    • News
    • Entertainment
    • Politics
    • Crime
    • Sports
    • Careers
    © 2023 BLKALERTS is part of Urban Newsroom. Powered by UNMUTED NETWORKS.

    Type above and press Enter to search. Press Esc to cancel.

    Sign In or Register

    Welcome Back!

    Login to your account below.

    Lost password?