Purdue Pharma, the company that made billions selling the prescription painkiller OxyContin, filed for bankruptcy in White Plains, New York, days after reaching a tentative settlement with many of the state and local governments suing it over the toll of opioids.
The filing was anticipated before and after the tentative deal, which could be worth up to $12 billion over time, was struck.
“This settlement framework avoids wasting hundreds of millions of dollars and years on protracted litigation,” Steve Miller, chairman of Purdue’s board of directors, said in a statement, “and instead will provide billions of dollars and critical resources to communities across the country trying to cope with the opioid crisis. We will continue to work with state attorneys general and other plaintiff representatives to finalize and implement this agreement as quickly as possible.”
But legal battles still lie ahead for Stamford, Connecticut-based Purdue, which is spending millions on legal costs as it defends itself in lawsuits from 2,600 government and other entities. About half the states have not signed onto the proposal. And several of them plan to object to the settlement in bankruptcy court and to continue litigation in other courts against members of the Sackler family, which owns the company. The family agreed to pay at least $3 billion in the settlement plus contribute the company itself, which is to be reformed with its future profits going to the company’s creditors.
Read More...
Oxycontin creator filling for Bankruptcy
Current News
The NeverTrumper Who Lectured America on the Rule of Law Is Taking a Plea Deal
John Bolton spent years telling you that Donald Trump was a threat to American institutions. That the rule of law mattered. That classified information was sacred and the men who mishandled it were unfit for public trust. Read more
From ‘Mother’ to ‘Gestating Parent’: A Civilization Loses Its Words and Then Itself
The Roman Republic did not collapse because its legions were defeated in the field. It eroded, gradually and almost imperceptibly, from within. Sallust, writing in the generation before the Republic’s final crisis, identified the mechanism with uncommon clarity: when a civilization abandons the virtues that built it, the language through which those virtues were expressed becomes the first casualty. Words grow contested. Then they are redefined. Then they are replaced. By the time a republic wakes to what has happened, the vocabulary of self-governance has already been emptied of its meaning. Read more
The Lie of Institutional Neutrality: What Pride Month Reveals About Who Controls the Cathedral
Alexis de Tocqueville, writing of democratic despotism in Democracy in America, described a system that would not tyrannize through violence but through the steady degradation of citizenship — a society in which an “immense and tutelary power” would keep citizens “in perpetual childhood,” covering the surface of society “with a network of small complicated rules, minute and uniform.” He envisioned an authority that would not break wills so much as soften them, not forbid but prevent, not punish but enfeeble. Read more
Marc Elias Went to Court to Kill the Fund That Would Pay Back His Victims. Senate Republicans Are Helping.
Marc Elias went to federal court to kill the fund that would pay back his victims. Senate Republicans are helping. Read more
They Called It a Peaceful Protest. A Reporter Had to Hide Her Network Logo to Stay Safe.
They called it a peaceful protest. Read more
Thucydides, Tehran, and the Temptation of a Quick Settlement
In the seventh year of the Peloponnesian War, Athens found itself holding a position of unexpected strength. Its navy was dominant, its treasury sufficient, its enemies fractured. Sparta, exhausted and humiliated by losses at Sphacteria, sent envoys seeking terms. The peace was theirs to dictate. Read more