Judge to rule on Purdue Pharma bankruptcy plan that shields Sacklers

[BeckyDem]

September 1, 20216:28 AM EDT

Last Updated 4 hours ago

Sept 1 (Reuters) - A U.S. judge is expected to rule on Wednesday on OxyContin maker Purdue Pharma's request to approve its bankruptcy reorganization plan that would shield the company's Sackler family owners from future litigation over the opioid crisis.

If U.S. Bankruptcy Judge Robert Drain approves the deal, which Purdue values at more than $10 billion, it would clear a path to resolve thousands of opioid lawsuits.

The plan would dissolve the drugmaker and shift assets to a new company owned by a trust rather than the Sackler family members.


excerpt: "In our view, the Sacklers are responsible for extensive harm in Maryland and nationwide," said Maryland Attorney General Brian Frosh in a statement on Tuesday. "This plan allows the Sacklers to enjoy riches amounting to billions of dollars."

https://www.reuters.com/business/healthcare-pharmaceuticals/judge-rule-purdue-pharma-bankruptcy-plan-that-shields-sacklers-2021-09-01/


( No jail time for the American drug cartel, while some payouts will be as low as $3500.00 )

[Tomconroy]

1. He's going to approve the plan. That's why

The Sacklers picked him. They could have filed anywhere in the country. They chose this obscure bankruptcy court for a reason.

[BeckyDem]

3. Yep. 10 states are not on board as far as I know.

We'll see what they can manage. Ct. is one of the ten not going along, thankfully.

[spanone]

2. In other words, the wealthy are above the law.

[BeckyDem]

4. Precisely.

[lark]

5. Wealthy almost never pay any penalties under our current law.

Rich repug judges, which is the vast majority of jurists in our country, are the wealthy and favor their own class the vast majority of the time.