OxyContin maker Purdue Pharma set to dissolve
The deal includes $8.3 billion in forfeitures and penalties, with up to $7 billion from Sackler family members over 15 years.
- On Friday, OxyContin-maker Purdue Pharma will dissolve and be replaced by Knoa Pharma, a new company with a board appointed by states to combat the opioid epidemic, as a massive legal settlement takes effect.
- Members of the Sackler family must contribute up to $7 billion over 15 years to resolve thousands of lawsuits stemming from aggressive OxyContin marketing and the company's failure to prevent pill diversion to the black market.
- District Judge Madeline Cox Arleo heard emotional testimony Tuesday from families who lost loved ones to overdose, while some victims may face rejection for individual payments of about $8,000 to about $16,000 due to missing decades-old prescription records.
- West Virginia Attorney General J.B. McCuskey confirmed $55 million will arrive in the state, with most funds directed to the West Virginia First Foundation to support efforts battling the ongoing opioid crisis.
- Millions of internal Purdue documents will be maintained by the University of California San Francisco and Johns Hopkins University for public access, while officials continue pursuing litigation against pharmacy benefit managers alleged to have played a central role in the crisis.
22 Articles
22 Articles
The Toronto Star
OxyContin maker Purdue Pharma’s settlement, by the numbers
OxyContin maker Purdue Pharma is set to dissolve and be replaced with a new company operating in the public interest under the settlement of thousands of lawsuits that goes into
Associated Press News
OxyContin maker Purdue Pharma's settlement, by the numbers
OxyContin maker Purdue Pharma's deal to resolve thousands of lawsuits over the toll of opioids is taking effect Friday and the company is being replaced by a new entity.
Purdue Pharma Ceases Operations After Criminal Sentencing in Opioid Case
OxyContin manufacturer Purdue Pharma permanently ceased operations on May 1 after a federal judge sentenced the company to $5.5 billion in fines and penalties tied to its 2020 guilty plea to charges of deceiving government regulators and paying kickbacks to doctors to boost opioid sales. The ruling cleared the way for a broader $7.4 billion bankruptcy settlement resolving thousands of opioid lawsuits. The company will transfer its assets to Knoa…
Oxy-maker Purdue Pharma set to dissolve as part of settlement
CHARLESTON, W.Va. — A settlement involving OxyContin-maker Purdue Pharma could be in effect by the end of the day Friday, including a provision to dissolve the company into one created to combat the opioid epidemic. J.B. McCuskey It was the pain killer OxyContin, commonly referred to as Oxy, that took hold in the Mountain State—particularly in southern West Virginia, creating addicts and causing loss of life. There were pill mills and doctors an…
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