Billionaire Sackler Family To Get Immunity In $6 Billion Opioid Settlement

[babylonsister]

Billionaire Sackler Family To Get Immunity In $6 Billion Opioid Settlement
The family will receive full protection from civil legal claims under the deal, which was approved by a federal appeals court.
Nick Visser
May 30, 2023, 11:22 PM EDT


The billionaire family that owns Purdue Pharma, the maker of OxyContin, will receive immunity from all current and future civil claims over the company’s role in the opioid crisis as part of a deal approved by a federal appeals court on Tuesday.

The U.S. Court of Appeals for the 2nd Circuit cleared the way for a settlement that would see the Sackler family pay up to $6 billion from its massive fortune derived from the painkiller business. Purdue Pharma has faced years of criticism that it helped fuel the opioid crisis in America, aggressively marketing OxyContin while misleading the public about the highly addictive pills.

snip//

Under the plan, Purdue will be dissolved and restructured into a new entity known as Knoa Pharma. The company will be overseen by a public board and will manufacture medications for addiction treatment, as well as OxyContin, with the profits used to fund programs that prevent and treat addiction itself. Those profits could total in the hundreds of millions of dollars over time.

About $750 million from the settlement will go to families and individuals affected by the opioid crisis. Payments are expected to range from about $3,500 to $48,000.

“There’ll never be enough justice to match the depths of pain and suffering the Sackler family caused,” Tong said in a statement. “But we recognized that we had pushed this as far as we could, and that it was necessary to get communities, victims and their families the resolution and billions of dollars funding desperately needed to save lives and fight the opioid epidemic.”

more...

https://www.huffpost.com/entry/purdue-pharma-sackler-family-immunity-deal_n_6476911be4b045ce248577d2

[Hope22]

1. The length they will go to protect one wealthy family...

While millions of families suffer the results. Years ago an interview with one of the family members stated that they took no responsibility for the damage the drug they sold caused. Heartless and soulless with a dead reflection in the mirror.

[Bettie]

2. This is some grade A

Bullshit.

No accountability whatsoever. So, they can find something else to kill people with and make money off of it, knowing that they are untouchable, as long as they don't screw over other rich white people.

[cyclonefence]

3. I want the phone number of their lawyer

in case I get sued. I mean, asking for a friend.

Whatever they're paying their lawyer (and I'm sure it's millions and millions), they're getting the legal bargain of the decade.

[Kid Berwyn]

4. Gee. 100,000 deaths last year in the USA from ODs.

Not that the Sacklers had anything to do with that.

[The Magistrate]

5. These People Should Be Stripped Of EVERYTHING

Even a pair of undershorts is too much for them to face life with after what they've done.

[Doc Sportello]

6. So $750M out of $6B goes to familes affected by the opiod crisis

And the payments the families get "range from about $3,500 to $48,000." Thousands die and millions of lives ruined thanks to Purude's "special formula" of time release opiods and the people most affected get, at most, $48K. Wow.

[cynical_idealist]

18. Right, where's the other 5.25 billion going?

?

[erpowers]

7. How Much Did The Sackler Family Make From Opioids

I understand that some members of the Sackler family did not make any money off of opioids because their father sold his share in the company before the company created opioids. However, how much money did the family members who still had shares in the company make off of opioids. Those family members should either have to pay a percentage of that money in the settlement or give up all of the money made off of opioids.

[FakeNoose]

11. Individual family members are protected whether they got wealthy or not

The ruling of the US 2nd Circuit Court of Appeals yesterday - and discussed in DU posts - is that the Purdue Pharma bankruptcy protects the Sacklers and other stockholders. The bankruptcy of Purdue Pharma has depleted the company's assets, therefore victims (and their families) can no longer sue for damages as a result of the opioid scandal. Some of the victims' families were trying to sue the individual Sackler family members, but the US Court of Appeals shut it down. The Sacklers are protected by the US corporate bankruptcy laws.

https://www.democraticunderground.com/100217956670

[erpowers]

14. I Understand What You Said

I knew that the family would not have to give up any of their money. The point of my post was what I thought the family members who made money off of opioids should have to pay. I know they will not have to pay anything. The amount in my previous post was what I thought they should have been forced to pay.

[TheRealNorth]

20. The corporation doing what it was designed to do....

Privatize the profits while socializing the costs.

[crickets]

23. 👆👆

[Oneironaut]

8. Clearly it was the fault of a few overzealous data entry clerks. /s

[Chainfire]

9. Its good to be a billionaire.

Pay back part of your ill-gotten gains and go forth forgiven for evermore. Murder for profit is just part of our modern capitalism.

[ShazamIam]

16. Our capitalists pay bribes to avoid paying taxes.

[Johnny2X2X]

10. They knew they were killing people

They knew and they didn't pull back the drug, they accelerated pushing it and lying about it. The opioid epidemic has its genesis with this 1 family. Oxy begat Fentanyl. Millions of Oxy addicts became addicted to heroin as a substitute for Oxy.

They made $billions, they get to ride off into the sunset and live like kings until the day they die, and they built a family dynasty with enough money for generations to be rich. All off killing innocent people. There is no justice for the rich.

[jimfields33]

12. Doctors were subscribing oxy like candy.

Only the most difficult to treat patients should get it. And four pills only. It’s incredible the amount of oxy they prescribed. If after four doses, you need more a panel of five doctors should have to evaluate to see if they agree. That’s how you stop the insidious addiction.

[Johnny2X2X]

13. When it came out, doctors were told it was non addictive

Perdue Pharma spent $millions pushing the drug and going clinic to clinic to "educate" doctors on this new miracle drug. Doctors were lied to and given incentives to prescribe it. A lot has changed since then, but the damage is done, and the Cartels seized on Oxy addiction to start pushing Fentanyl to addicts, hundreds of thousands have died as a result, but without this families lies about Oxycontin, we never would have have an opioid crisis to begin with.

And this was decades ago and people became addicts while having no idea what they were taking was even addictive. Have a close friend who lost everything in the 1990s to Oxy addiction. She had back surgery and became addicted, found other sources after he prescription couldn't be renewed. Literally couldn't go to work without getting a fix, her source dried up and she had to turn to heroin or face being so sick for days that she thought she might die. It took prison to get her clean, but she's done permanent damage to her health and will never be a full functioning member of society again.

[TheRealNorth]

21. +1

Patient "pain management" for minor procedures was really being pushed in the late '90's.

[Firestorm49]

15. I'm not a lawyer, just a retired businessman. I'm not privy to the inner workings of our legal

system - but this really stinks. Elizabeth Holmes is being incarcerated for less than what the sordid Sackler family pulled off. “Money doesn’t talk, it screams” Bob Dylan

[spanone]

17. The wealthy just buy their way out of crimes....

In 2016, when Forbes last estimated the family's wealth, the Sacklers were worth around $13 billion


How will they possibly get along with only 7 billion?

[RANDYWILDMAN]

19. That family is worth 13 billion !!!

So I would be fine if the settlement was for 12 and 3/4 billion !!!! WTF people they allowed people to become super addicted and then they pay pennies on the dollar for all the damage they caused and KNEW about !!!!


Justice for the rich and connected is paying a small crime and keeping the family fortune intact.

Justice for the poor and less connected is time in the clink.....

[Orrex]

22. Gosh, that'll teach them

Meanwhile the kid who sold one bottle of pills is sitting in jail for years.