After agreement voided protecting Sacklers from further litigation, family members must pour more money into settlement – Endpoints News
After more than 500,000 people died in connection with the family’s drug and the Hulu miniseries Dopesick shed a wider light on the family’s involvement in the opioid crisis that tore America apart, Sackler family members are closing in on a deal to add to the $4 billion offer to resolve litigation surrounding the opioid crisis caused, in part, by the painkiller OxyContin.
A federal judge overturned a $4.5 billion settlement in December that shielded family members from future litigation related to the scandal that sent Purdue Pharma into a bankrupt reorganization. The deal would have dissolved Purdue and freed the owners of the company – the Sacklers – from any liability in the deal. But Judge Colleen McMahon of the Southern District of the US District Court in New York said that should not go ahead. The deal would have called for the Sacklers to shell out the Purdue property while the individuals walk away unscathed.
Judge Robert Drain initially approved the plan in September, lamenting that much of the Sacklers’ money was kept in offshore accounts, and calling the outcome “bitter” because extending the delay would have taken longer. time and would have saved even more money. the States that filed the complaint.
A mediator, former bankruptcy judge Shelley Chapman, said any additional contributions from the Sacklers would only be used for the reduction of opioids. The negotiations took place from January 25 to 26 and lasted more than 12 hours a day, Reuters reported.
The lawsuits have reshaped the lives of family members. In 2019, the company was forced to sell 17 ski areas across the United States, including Mount Snow in Vermont and Hunter Mountain in New York, for $264 million, hoping to offset the fortunes members owed to the states. It came just a year after the family acquired a majority stake in Peak Resorts and funded the $76 million acquisition of three Pennsylvania ski resorts.
The deal came just months after the Louvre removed the surname from a wing donated by the family. In December 2021, the New York Metropolitan Museum of Art announced that it would remove the family’s name from its galleries. Fine art photographer Nan Goldin helped lead a protest at the Met in 2018 against Sackler philanthropy, later broadcasting those protests to the Guggenheim, London’s Victoria and Albert Museum and the Louvre.
While Sackler family members have remained adamant of their innocence, Purdue pleaded guilty to three felonies in 2020: one count of conspiracy to defraud the United States and violate the FDA Cosmetic Act, and two counts of conspiracy to violate federal anti-bribery law.
“As today’s plea to the felony charges shows, Purdue has put the profits of opioids before people and has corrupted the sacred doctor-patient relationship,” Christina Nolan, a U.S. attorney from Vermont, said in a statement. press at the time. “We hope the company’s guilty plea sends a message that the Department of Justice will not allow Big Pharma and Big Tech to engage in illegal profit-making programs that interfere with sound medicine. . We also hope that this guilty plea brings some sense of justice to those who have suffered from opioid addictions involving oxycodone and some vindication to the families and loved ones of those who have not survived such addiction.