GEOFF MULVI HILLAP communication
A federal bankruptcy judge on Wednesday filed a large-scale proceeding by oxycontin maker Purdue Pharma to resolve a mountain of proceedings over its role in the opioid crisis that has killed 500,000 Americans in the last two decades. Granted conditional approval for a potentially $ 10 billion plan.
Under reconciliation between individual victims and creditors, including thousands of state and local governments, the Sucklers relinquish ownership of the company and donate $ 4.5 billion, freeing them from future proceedings over opioids. Will be done.
The pharmaceutical company will be reorganized into a new company with a board of directors appointed by civil servants, and the benefits will be poured into government-led efforts to prevent and treat opioid addiction.
The settlement will also establish a compensation fund that will pay some victims of drug addiction an estimated $ 3,500 to $ 48,000, respectively.
US bankruptcy judge Robert Drain said Wednesday that he would approve the plan as long as two technical changes were made after speaking from the bench for more than six hours. If so, he said he would formally enter the decision on Thursday.
He said there was no “love or compassion for Suckler” before the ruling, but it would be difficult to raise money from them through proceedings.
A settlement was reached approximately two years after a company based in Stamford, Connecticut filed for bankruptcy under the weight of approximately 3,000 proceedings from states, local governments, indigenous peoples, hospitals, trade unions and other organizations. increase. They blame Purdue Pharma for contributing to the crisis by aggressively promoting the sale of best-selling prescription painkillers.
Judge Conditionally Approves Purdue Pharma’s Opioid Settlement | National News
Source link Judge Conditionally Approves Purdue Pharma’s Opioid Settlement | National News