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Purdue Pharma

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Purdue Pharma Files New $7.4B Bankruptcy Plan: How Opioid Victims, Families Could Benefit Purdue Pharma Files New $7.4B Bankruptcy Plan: How Opioid Victims, Families Could Benefit
Purdue Pharma Files New $7.4B Bankruptcy Plan: How Opioid Victims, Families Could Benefit Purdue Pharma has filed a new bankruptcy plan that will distribute more than $7.4 billion to compensate opioid epidemic victims and fund addiction treatment programs. The Stamford, Connecticut-based company submitted the plan to the US Bankruptcy Court for the Southern District of New York, Purdue said in a news release on Wednesday, Mar. 19. The reorganization increases the Sackler family's payout by $1 billion from a previous deal. The plan will dissolve Purdue and transfer its assets to a new public benefit company focused on opioid crisis abatement. The Sacklers, who have…

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by Chris Spiker
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Purdue Pharma To Pay $7B+ In Historic Opioid Settlement: 'A Symbol Of Greed' Purdue Pharma To Pay $7B+ In Historic Opioid Settlement: 'A Symbol Of Greed'
Purdue Pharma To Pay $7B+ In Historic Opioid Settlement: 'A Symbol Of Greed' Purdue Pharma will pay more than $7 billion for the corporation's role in fueling the opioid epidemic that has killed hundreds of thousands of Americans. The Sackler family and Purdue Pharma reached a $7.4 billion settlement with attorneys general from 15 states on Thursday, Jan. 23. The Sacklers have owned the company headquartered in Stamford, Connecticut, for decades. The settlement includes $6.5 billion from the Sackler family, with $1.5 billion to be paid immediately, and nearly $900 million from Purdue Pharma. Funds will be distributed to states, local governments, and victims ov…

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by Chris Spiker
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Opioids Drive Highest Number Of OD Deaths Ever In US, While NJ Holds Steady, CDC Reports Opioids Drive Highest Number Of OD Deaths Ever In US, While NJ Holds Steady, CDC Reports
Opioids Drive Highest Number Of OD Deaths Ever In US, While NJ Holds Steady, CDC Reports Call it a statistical oddity: Despite an historic spike in drug overdose deaths across the United States last year, the total reported for New Jersey ticked up barely 1% over 2019 – compared with an increase of more than 32% in New York, over 17% in Pennsylvania and more than 10% in Connecticut, the CDC reported. More than 93,000 people across the country died from drug overdoses amid last year’s COVID-19 pandemic, according to the CDC’s National Center for Health Statistics. That total represented a 29.4% increase from the 72,151 deaths projected nationwide for 2019, according to an annual…

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by Jerry DeMarco
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NJ, NY, PA Among States Sharing Historic $4.3B Purdue Pharma Settlement NJ, NY, PA Among States Sharing Historic $4.3B Purdue Pharma Settlement
NJ, NY, PA Among States Sharing Historic $4.3B Purdue Pharma Settlement Oxycontin-maker Purdue Pharma has reached an historic $4.3 billion settlement with New Jersey, New York, Pennsylvania and a dozen other states that one attorney general said involved the “most that individuals have ever paid for breaking the law.” New Jersey expects to receive more than $110 million from the deal, state Attorney General Gurbir S. Grewal said Thursday. As part of the settlement, the Sackler family must surrender ownership of the bankrupt drug company. They also must release more than 30 million family and Purdue Pharma documents that outline their roles in an opioid epidemi…

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by Jerry DeMarco
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Historic Guilty Plea By Oxycontin Maker Purdue Pharma: What It Means Historic Guilty Plea By Oxycontin Maker Purdue Pharma: What It Means
Historic Guilty Plea By Oxycontin Maker Purdue Pharma: What It Means Oxycontin maker Purdue Pharma pleaded guilty in federal court in Newark on Tuesday in exchange for not only the largest penalties ever levied against a pharmaceutical manufacturer for its role in creating the nation’s opioid crisis. The company, which declared bankruptcy last year, also will be dissolved and its assets used to establish a new "public benefit company,” federal authorities said. US District Judge Madeline Cox Arleo approved the deal after Purdue Pharma Board Chairman Steve Miller pleaded guilty during a teleconference to three criminal charges on behalf of the company. “Purd…

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by Jerry DeMarco