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Purdue Pharma, makers of OxyContin have Declared Bankruptcy


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The filing was anticipated before and after the tentative deal, which could be worth up to $12 billion over time, was struck.

 

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Since OxyContin, a time-released opioid, was introduced in 1996, addiction and overdoses have surged. In both 2017 and 2018, opioids were involved in more than 47,000 deaths, according to the U.S. Centers for Disease Control and Prevention.

 

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A court filing asserts that Richard Sackler, then a senior vice president in charge of sales at the company, told the sales force at a launch party for the drug: “The launch of OxyContin Tablets will be followed by a blizzard of prescriptions that will bury the competition. The prescription blizzard will be so deep, dense, and white.”

 

 

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Because so many states balked at the settlement, it could complicate the bankruptcy process. The Sackler family members said they’re still trying to get more states to sign on.

 

Court filings assert that members of the Sackler family were paid more than $4 billion by Purdue from 2007 to 2018. Much of the family’s fortune is believed to be held outside the U.S., which could complicate lawsuits against the family over opioids.

 

 

:grimaceleft:

Edited by Teh_Diplomat
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8 minutes ago, Teh_Diplomat said:

 

 

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A court filing asserts that Richard Sackler, then a senior vice president in charge of sales at the company, told the sales force at a launch party for the drug: “The launch of OxyContin Tablets will be followed by a blizzard of prescriptions that will bury the competition. The prescription blizzard will be so deep, dense, and white.”

 

 

 

 

 

:grimaceleft:

I wonder what he meant by that. 

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Wasn't there a report that the Sackler family had over a billion dollars stored in off-shores accounts that was discovered?

 

They made wire transfers to somewhere outside the country in excess of $1 Billion. They knew this was coming so they moved some of their money out of the country.

 

The only way to punish corporations who did bad things is to jail them.

 

People want Felicity Huffman to do hard time for bribing a college to get her kid in..........you would imagine that an entire family responsible for pushing opioids on the American population and kickstarting the opioid crisis would face actual jail time.

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7 minutes ago, jehurey said:

Wasn't there a report that the Sackler family had over a billion dollars stored in off-shores accounts that was discovered?

 

They made wire transfers to somewhere outside the country in excess of $1 Billion. They knew this was coming so they moved some of their money out of the country.

 

The only way to punish corporations who did bad things is to jail them.

 

People want Felicity Huffman to do hard time for bribing a college to get her kid in..........you would imagine that an entire family responsible for pushing opioids on the American population and kickstarting the opioid crisis would face actual jail time.

 

 

 

Yup... :grimaceright:

 

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A court filing by the New York Attorney General’s office on Friday contended that Sackler family members used Swiss and other hidden accounts to transfer $1 billion to themselves. The discovery of the transfers bolsters several states’ claims that family members worked to shield its wealth because of the growing legal threats against them and Purdue.

 

 

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15 minutes ago, Spicalicious said:

shit I wanted to try this drug.  heard it's awesome.. 

They're still making the drug, the Bankruptcy filings are a means by which to potentially reduce the payouts to clients, and up to a dozen or more states who are currently suing them.

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