Judge approves plan to let OxyContin profits fight opioid crisis – Riverside, California

Riverside, California 2021-09-17 22:23:10 –

The judge approved the plan on Friday, making Purdue Pharma a new company not owned by the Sackler family.

On Friday, the judge officially approved plans to turn oxycontin maker Purdue Pharma into a new company that is no longer owned by members of the Suckler family, whose profits will fight the opioid epidemic.

US Bankruptcy Judge Robert Drain officially confirmed the restructuring on Friday. More than two weeks after he announced that he would do so, while he waited for two major technical changes to the plan presented by the company, a lawyer representing those who insisted on the company. Hashed.

His confirmation took more than six hours to read in court earlier this month, and the written version is 159 pages long, full of reasons for appeal that the court can consider later. Some states, among other parties, have already appealed the decision.

The deal has settled approximately 3,000 proceedings filed by state governments, local governments, Native American tribes, unions, hospitals, etc., and has marketed the company’s prescription opioids to more than 500,000 people in the United States over the past two years. He claimed to have continued to cause an overdose epidemic associated with his death. Decades.

The plan uses company profits from members of the Suckler family and $ 4.5 billion in cash and philanthropic assets to pay individual victims in the range of $ 3,500 to $ 48,000 for opioid treatment across the United States. And fund prevention programs.

Members of the Sackler family also need to get out of opioid business around the world in time.

Millions of company documents, including communication with company lawyers, are to be published.

The changes will take effect when the bankruptcy process is complete. The earliest is December.

The Connecticut, Maryland, Washington, District of Columbia Attorney-General, and the US Bankruptcy Trustee have all announced their appeals. Their main objection is that wealthy members of the Sackler family are given protection from opioid proceedings.

This deal is frustrating for many who are recovering from opioid addiction or who have lost their loved ones due to overdose.

Ellen Isaacs, a mother whose son died of overdose, filed court documents demanding that Drain not accept the plan. At her hearing on Monday, she gave a sometimes tearful, passionate 40-minute speech at her request. Like other activists, she’s doing enough to end the opioid epidemic as Sackler’s family, who have never been charged with criminal misconduct, are fleeing crime. Insisted that there was no.

“Lawyers are playing games on paper and humans are dying,” she said.

Drain said the money from the settlement would help avoid more deaths, even if it was too late for Isaacs’ son.

“I didn’t become a judge who made mistakes,” he told her.

He supported the confirmation of the plan.

At the hearing, Drain also said he would approve Padhu’s request to spend about $ 7 million to begin setting up funds to distribute the settlement to victims, government agencies and others. He also approved a plan for incentive payments in the third year when Purdue University executives achieve certain goals.

Judge approves plan to let OxyContin profits fight opioid crisis Source link Judge approves plan to let OxyContin profits fight opioid crisis

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