OxyContin maker Purdue Pharma files for bankruptcy

[muriel_volestrangler]

Source: The Guardian

Purdue Pharma, the US company that made billions selling the prescription painkiller OxyContin, has filed for bankruptcy, days after reaching a tentative settlement with many of the state and local governments suing it over the toll of opioids.

Purdue’s board met on Sunday night to approve the long-expected bankruptcy filing, which the company is pursuing to restructure under terms of a proposal to settle the widespread litigation.

Last week Purdue reached a tentative deal to resolve lawsuits with 24 states and five US territories, as well as lead lawyers for more than 2,000 cities, counties and other plaintiffs, the company said.

Two dozen states remain opposed or uncommitted to the proposed settlement, setting the stage for contentious legal battles over who bears responsibility for a public health crisis that has claimed the lives of nearly 400,000 people between 1999 and 2017, according to the latest US data.

Read more: https://www.theguardian.com/society/2019/sep/16/oxycontin-maker-purdue-pharma-files-for-bankruptcy

[B Stieg]

1. Wow. Good, but still WOW.

I'm not applauding the 5,000 jobs lost (worldwide), but these bastards (the Sacklers) need to be held accountable somehow...

[Kablooie]

2. It's been reported that the Sacklers have been pulling billions out

And stashing it in offshore tax Havens.
This cripples the company and makes them eligible for bankruptcy.
And the Sacklers get to keep all the cash themselves

[Rainbow Droid]

4. It is exactly what happens in this situation every single time.

[cstanleytech]

7. I thought that was called embezzlement?

[FakeNoose]

10. Not when they privately own the companies

It was done through a series of "shell" companies that operated in secret. That's what high-paid lawyers and accountants do for you - they hide your money and keep you out of jail. If you recall the "Paradise Papers" that reveals the names of wealthy Americans who have money stashed in off-shore tax havens like Costa Rica, Panama and other places, the Sackler's family name comes up regularly. The US government will probably never find the Sackler's hidden wealth.

[samplegirl]

3. Bankrupt my ass

Stashed!

[Auggie]

5. +1

[Takket]

6. Bankruptcy my ass!!!!

They want bankruptcy protection? They made enough money to run the company for years without a single sale! Where did it all go!

[ArizonaLib]

8. The court should be splitting up assets. This is a better deal than probation for violent crimes

The officers and owners should be in jail. That's one of the benefits ownership and fiduciary responsibilities. I would like to hear what each of the Democratic presidential candidates think about the bankruptcy protective options the principals of the guilty company has.

[PhoenixDem]

9. Everyone is playing by Trump rules now

what a shame

[bluedigger]

11. Protecting their profits and passing on their costs.

[Jedi Guy]

12. So basically the Sacklers have ransacked the safe and absconded with their ill-gotten gains.

And will any of that family ever see the inside of a courtroom, let alone a jail cell? Of course not. Their lies killed people and destroyed families, but how else were they going to afford their lavish lifestyles? All of those dead and addicted people just had to take one for Team Sackler, apparently.

May every member of the Sackler family who was involved in this live long, but not in good health.

[Yo_Mama_Been_Loggin]

13. Aw shucks

[cp]

14. This is why corporations are not people

and should not have human rights.
Otherwise, the owners of Purdue would forfeit ALL their money (Cayman Islands, Swiss banks, etc) and be imprisoned for their crimes.
Instead, they abscond with their money and live freely, while the corporation can claim Bankruptcy, denying compensation to the victims of their crimes.
Time for the 29th amendment!

[jmowreader]

15. Corporations are considered "artificial persons" for a very good reason

You couldn't sue a corporation if they weren't.

What really needs to happen is to reform the concept of the corporate veil. The idea is reasonably sound - if John Smith owns a corporation that employs 10,000 people and one of his employees in the Ulan Baator office does something despicable, John Smith shouldn't risk losing his own house.

OTOH, the corporate veil shouldn't be a get-out-of-jail-free card, like the Sacklers are doing.

[BHDem53]

16. OMG! What's rush lamebrain gonna do?