The Sackler Family's Bankruptcy Scheme
Opioid maker Purdue Pharmas plan to emerge from bankruptcy rests on an awesome idea: that the judge will agree to extend the greatest power of bankruptcyforgiving a companys debts and obligationsto the individual members of the Sackler family who own and controlled Purdue for decades.
In exchange, the Sacklers would pay out $4.3 billion over a nine-year period for opioid treatment and victims, and transform the company into a public trust with the idea of using it for good, rather than profit.
Among the lawsuits filed against Purdue, hundreds name Sackler family members personally, based on claims they personally drove many of Purdues decisions to aggressively market OxyContina drug that can be twice the strength of morphineto sell to more users, at greater doses, for a longer period of time.
Those lawsuits filed against Sackler family members will be simply wiped out with the stroke of a pen, with no hearing on the merits, if the bankruptcy judge agrees to a plan based on one Purdue Pharma proposed earlier this month.
Read more: https://prospect.org/justice/sackler-familys-bankruptcy-scheme/
(American Prospect)
Generic Other
(28,979 posts)Every family in America touched by their evil greed.
The Magistrate
(95,244 posts)Individuals sued for damages are not the corporation they owned.
TheBlackAdder
(28,183 posts)Sanity Claws
(21,846 posts)How would the bankruptcy court have jurisdiction to do that?