Purdue Pharma and the Sackler family will pay $6 billion to settle lawsuits with a host of states over their role in the opioid epidemic. Purdue Pharma and the Sackler family — the founders and owners of the company — will pay the $6 billion to victims, survivors and states as a result of their…
Federal judge throws out Purdue Pharma’s opioid settlement that protected Sackler family
Colleen McMahon of the U.S. District Court for the Southern District of New York overturned a sweeping settlement against Purdue Pharma over its role in the opioid crisis. Purdue’s Oxycontin (oxycodone) is among the most widely used opioids. In September, Judge Robert Drain of the U.S. Bankruptcy Court in White Plains, New York, authorized a…
Judge approves Purdue Pharma bankruptcy plan
Purdue Pharma may have reached a bankruptcy settlement in the U.S. Bankruptcy Court in White Plains, New York, but several states intend to press forward by appealing the decision of Judge Robert Drain. Judge Drain’s decision would direct $4.5 billion over a decade to support measures intended to fight the opioid crisis. “Substantially all of…
Purdue Pharma boosts opioid lawsuits settlement offer to $4.28 billion
Purdue Pharma has proposed paying an additional approximately $500 million in cash to settle hundreds of thousands of opioid lawsuits. As part of a proposed bankruptcy settlement, the payments would be spaced out over the next decade. The Sackler family that owns the company has earlier agreed to pay an additional $4.2 billion to settle…
McKinsey to pay $573M in opioid settlement
The prestigious consulting firm McKinsey has struck a deal with 47 states over its role in the opioid crisis. Notably, the company had advised OxyContin manufacturer Purdue Pharma (Stamford, Conn.) on “turbocharging” opioid sales. The pharma company had worked with McKinsey for 15 years. The Justice Department concluded that McKinsey helped manage a Purdue Pharma…
McKesson could pay $8B to settle opioid lawsuits
Medical supply firm McKesson (NYSE:MCK) announced in a quarterly report that it and two other drug distributors could pay as much as $21 billion in opioid lawsuit settlements over 18 years. Under the new proposal, McKessons’s share of the settlements could be $8 billion. Rivals AmerisourceBergen (NYSE:ABC) and Cardinal Health (NYSE:CAH) would pay the remainder…