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Purdue Pharma

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business7 months ago

US States Approve $7.4 Billion Purdue Pharma Opioid Settlement

All 50 states and territories have approved a $7.4 billion settlement with Purdue Pharma over its role in the opioid epidemic, which includes contributions from the Sackler family. The deal aims to provide funds for community recovery and allows Sackler family members to retain the right to sue for alleged misconduct. The settlement is pending court approval and follows a series of legal battles, including a Supreme Court overturning a previous bankruptcy deal.

via NPR|
#bankruptcy#business#opioid-settlement
business1 year ago

McKinsey Settles Opioid Crisis Charges for $650 Million

Consulting firm McKinsey has agreed to pay $650 million to settle charges related to its role in the US opioid crisis, where it allegedly conspired with Purdue Pharma to misbrand prescription drugs. The settlement includes a deferred prosecution agreement, requiring McKinsey to reform its practices. This follows previous settlements totaling nearly $1 billion over similar allegations. The opioid crisis has led to nearly 100,000 overdose deaths annually in the US.

via BBC.com|
#business#mckinsey#opioid-crisis
business1 year ago

McKinsey Settles Opioid Case for $650 Million Amid Scrutiny

McKinsey & Company has agreed to pay $650 million to settle federal civil and criminal investigations into its role in boosting opioid sales for Purdue Pharma, the maker of OxyContin. The settlement includes a deferred prosecution agreement, with McKinsey not admitting liability but agreeing to refrain from future work involving controlled substances. This marks the first time a consulting firm has been held criminally responsible for advice leading to a client's criminal actions. The settlement follows previous payouts by McKinsey related to the opioid crisis.

via NPR|
#business#justice-department#mckinsey
business1 year ago

McKinsey's $650M Opioid Settlement Sends Warning to Consultants

McKinsey has agreed to a $650 million settlement with the US Department of Justice over its role in advising opioid manufacturers, including Purdue Pharma, during the opioid crisis. The firm admitted to conspiring to misbrand prescription drugs and will face restrictions on future pharmaceutical consulting work. A former senior partner, Martin Elling, will plead guilty to obstructing justice by destroying documents. This marks the first criminal accountability for a consulting firm in such a case, highlighting the legal risks for consultants involved in client misconduct.

via Financial Times|
#business#consulting-industry#legal-settlement
business1 year ago

McKinsey Settles Opioid Case for $650 Million

McKinsey & Company has agreed to pay $650 million to settle criminal charges related to its role in promoting OxyContin sales for Purdue Pharma, contributing to the opioid epidemic. The firm will cease any work related to controlled substances and will not contest the charges, which include conspiracy to defraud the U.S. and document destruction. This settlement follows a previous $573 million agreement with state attorneys general over similar allegations.

via ABC News|
#business#legal-settlement#mckinsey
legalhealth1 year ago

"Opioid Marketing Settlements Reach $500 Million with Publicis Health and Hikma"

Publicis, a French marketing company, has agreed to pay $350 million in the first-ever opioid marketing settlement, accused of falsely marketing opioids as safe while working on Purdue Pharma’s OxyContin account. The settlement, led by New York and Colorado Attorney Generals, prohibits Publicis from taking on any more opioid clients. Publicis collaborated with consultancy McKinsey to develop Purdue’s "Evolve to Excellence" campaign, which falsely advertised OxyContin to doctors, contributing to the opioid crisis. The company denied wrongdoing but hopes the payment will help combat opioid addiction, while also reaffirming its decision to turn down any future opioid-related projects.

via CNN|
#lawsuit-settlement#legalhealth#opioid-crisis
legalhealth1 year ago

"Publicis Health Settles for $350 Million Over Opioid Marketing"

Publicis Health, a subsidiary of the French media conglomerate Publicis Group, has agreed to pay $350 million in a settlement with state attorneys general for its role in promoting OxyContin and aiding in the spread of opioids. The company worked with Purdue Pharma from 2010 to 2019 to develop marketing campaigns and materials, including brochures promoting opioids. This marks the first ever settlement targeting a marketing firm involved in the opioid crisis, as state prosecutors accuse the advertising company of falsely promoting OxyContin as safe and contributing to the epidemic.

via The New York Times|
#legalhealth#opioid-crisis#oxycontin
legal2 years ago

Supreme Court's Decision Looms Over Opioid Settlement for Purdue Pharma

The Supreme Court will decide whether the multibillion-dollar settlement reached by Purdue Pharma, the maker of OxyContin, and the Sackler family, the company's owners, is legal. The settlement would grant the Sacklers immunity from further civil lawsuits related to the opioid crisis. The ruling will have significant implications for the victims and those responsible for the crisis.

via The New York Times|
#legal#opioid-epidemic#purdue-pharma
law-and-justice2 years ago

Supreme Court Grapples with Purdue Pharma's Opioid Settlement and Sackler Family Liability

The Supreme Court is deliberating over the $6 billion bankruptcy settlement proposed by Purdue Pharma, the company responsible for the opioid crisis in the United States. The justices are focused on determining what is fair for the victims of the epidemic and have little sympathy for the Sackler family, who profited from the sale of the highly addictive painkiller OxyContin. The settlement would require the Sacklers to contribute 97% of their profits to an estate for distribution among states, victims, and others in exchange for immunity from further civil lawsuits. While the majority of plaintiffs voted in favor of the settlement, thousands rejected it, raising constitutional questions about extinguishing the personal property rights of dissenters. The Supreme Court must decide whether the bankruptcy agreement should stand or be scuttled, potentially leaving victims without compensation.

via The Economist|
#bankruptcy-settlement#law-and-justice#opioid-crisis
legalhealthcare2 years ago

Supreme Court Examines Legal Shield for Sackler Family in $6bn Deal

The US Supreme Court is considering a bankruptcy deal for Purdue Pharma, the maker of OxyContin, which may shield the Sackler family from future lawsuits related to the opioid crisis. The deal, which granted the family immunity in civil cases, has faced criticism from US officials who argue it conflicts with bankruptcy law. While some families impacted by the drug support the deal, others want the Supreme Court to overturn it and hold the Sacklers accountable. The court's ruling will have significant implications for bankruptcy law and the ability of third parties to receive immunity in such cases.

via BBC.com|
#bankruptcy-deal#legalhealthcare#oxycontin
politics2 years ago

Supreme Court's Battle Over Purdue Pharma's Opioid Settlement and Sackler Family Shield

The Supreme Court is considering whether to uphold a bankruptcy plan for Purdue Pharma that grants the Sackler family, who owned and operated the company during the opioid crisis, broad legal protections from civil lawsuits related to their role in the epidemic. The plan, which was approved by 95% of victims, includes a provision releasing the Sacklers from civil liability in exchange for their contribution of $6 billion for abatement of the opioid crisis. The Biden administration and some victims argue that these third-party releases are not allowed under the bankruptcy code, while several Supreme Court justices expressed concerns about unraveling the settlement agreement and the impact on victims. A decision is expected by the end of June.

via CBS News|
#bankruptcy-plan#opioid-epidemic#politics
law-and-justice2 years ago

Supreme Court Examines Purdue Pharma's Liability Shield for Sackler Family

The US Supreme Court heard arguments on Monday regarding whether the Sackler family, who controlled OxyContin maker Purdue Pharma, can use bankruptcy to shield their personal fortunes from future opioid-related liabilities. The case revolves around the power of federal bankruptcy courts to approve settlement agreements that absolve parties outside the bankruptcy of legal responsibility without the consent of litigants. The Sacklers agreed to pay $6 billion to opioid victims and governments in exchange for a release from claims, but some claimants wished to opt out of the settlement and retain their right to sue. Justices questioned whether bankruptcy laws were meant to deprive personal injury victims of their right to sue third parties not subject to the bankruptcy proceedings. A decision is expected this summer.

via Yahoo Finance|
#bankruptcy#law-and-justice#opioid-crisis
law-and-justice2 years ago

Supreme Court Divided on Purdue Pharma's Controversial Opioid Settlement

The Supreme Court justices appeared divided over a controversial bankruptcy settlement for Purdue Pharma that would shield the wealthy Sackler family from civil lawsuits related to the opioid epidemic in exchange for billions of dollars to address the crisis. The U.S. Trustee Program challenged the deal, arguing that it violated federal law by granting the Sacklers wide-ranging legal immunity. The justices' questions reflected concerns about the practical effect of unraveling the settlement and the broader issue of whether the Sacklers should be released from liability. The decision could have implications for other mass-injury settlements. A ruling is expected by June.

via The New York Times|
#bankruptcy#law-and-justice#opioid-settlement
legal2 years ago

Supreme Court Divided on Purdue Pharma's Opioid Settlement and Sackler Family Immunity

The US Supreme Court is divided over whether to approve Purdue Pharma's bankruptcy settlement, which would grant immunity to the wealthy Sackler family, owners of OxyContin maker Purdue Pharma, from lawsuits related to their role in the deadly opioid epidemic. The court expressed concerns about shielding the Sacklers while also considering the potential harm to victims if the settlement is scuttled. The case raises questions about whether bankruptcy law allows for legal protections for non-bankrupt parties like the Sacklers. Some justices expressed skepticism towards the Biden administration's opposition to the settlement, while others were wary of extending protections to the Sacklers when they themselves were not debtors. The settlement, which would provide $10 billion in value to creditors, including victims of addiction, hospitals, and governments, was approved by a bankruptcy judge in 2021 but has faced challenges from the Biden administration and several states.

via Reuters|
#bankruptcy-settlement#legal#opioid-epidemic