They are drug dealers. Drug dealers who sell far less, and make much less profit, go to jail for long periods.
Associated Press
Wed 1 Sep 2021 17.33 EDT
A US federal bankruptcy judge on Wednesday conditionally approved a sweeping, potentially $10bn plan submitted by the OxyContin maker Purdue Pharma to settle a mountain of lawsuits over its role in the opioid crisis that has killed a half-million Americans over the past two decades.
Under the settlement reached with creditors including individual victims and thousands of state and local governments, the Sackler family will give up ownership of the company and contribute $4.5bn but will be freed from any future lawsuits over opioids.
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The settlement comes nearly two years after the Stamford, Connecticut-based company filed for bankruptcy under the weight of about 3,000 lawsuits from states, local governments, Native American tribes, hospitals, unions and other entities. They accuse Purdue Pharma of fueling the crisis by aggressively pushing sales of its bestselling prescription painkiller.
The Sacklers were not given immunity from criminal charges, though there have been no indications they will face any.
State and local governments came to support the plan overwhelmingly, though many did so grudgingly, as did groups representing those harmed by prescription opioids.
Nine states, Washington DC, Seattle and the US bankruptcy trustee, which seeks to protect the nation’s bankruptcy system, opposed the settlement, largely because of the protections granted to the Sackler family.
At least some of them were expected to appeal and the Washington state attorney general, Bob Ferguson, quickly announced he would appeal against the plan, calling it inadequate.
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With the settlement, family members who have owned the company will still be worth billions.
Whether the deal provides enough accountability for the Sacklers was the most contentious question through the proceedings. Many state attorneys general and advocacy groups working on behalf of opioid victims pushed for the family members to pay more and initially fought against the liability waiver.
They succeeded in boosting the amount the Sacklers would pay from a likely $3bn to a guaranteed $4.5bn over a decade.
David Sackler, a former Purdue board member, had testified that family members would not accept the agreement unless it protected them from lawsuits.
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Drugmaker Johnson & Johnson and the three largest US drug distribution companies recently announced a settlement that could be worth up to $26bn if state and local governments agree.
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