US EditionOxyContin maker Purdue Pharma set to dissolve after judge approves its criminal sentence
The deal includes more than $8 billion in fines and forfeitures, while the Sackler family would pay up to $7 billion over 15 years.
- On Tuesday, U.S. District Judge Madeline Cox Arleo sentenced Purdue Pharma to pay more than $5.5 billion in criminal penalties, resolving a Department of Justice investigation and clearing the path for the company's dissolution.
- Purdue's 2020 guilty plea serves as backdrop; the company admitted to misbranding OxyContin, paying kickbacks to doctors, and failing to prevent powerful painkillers from reaching the black market.
- During the hearing, Arleo heard testimony from victims and required Purdue Chairman Steve Miller to apologize directly; Sackler family members must contribute up to $7 billion over 15 years.
- Purdue will dissolve by Friday, transitioning into Knoa Pharma, a new nonprofit that will use company assets to develop opioid addiction treatments and overdose-reversal medications.
- While Arleo called the settlement the 'best route' available, critics argue the deal imposes no individual criminal punishment, allowing corporate wrongdoers to view fines as merely the 'cost of doing business.
60 Articles
60 Articles
Purdue Pharma to Dissolve as Part of Massive Settlement
OxyContin maker Purdue Pharma is set to be dissolved and replaced by a company focused on the public good by the week's end, as a massive legal settlement resolving thousands of lawsuits takes effect, the AP reports. A federal judge on Tuesday delivered a criminal sentence to the company to...
Radio France Internationale
US judge orders Purdue Pharma to pay billions ahead of bankruptcy
The American laboratory was accused of promoting the OxyContin, concealing its strong addictive potential and paying bribes to doctors. Its conviction allows the entry into force of its bankruptcy plan, which provides for the payment of more than $8 billion.A federal judge in New Jersey condemned on Tuesday the American laboratory Purdue Pharma, considered to be the cause of the opioid crisis in the United States, before the entry into force of …
OxyContin maker Purdue Pharma set to dissolve after judge approves sentence
A federal judge sentenced OxyContin manufacturer Purdue Pharma on Tuesday, ordering the company to pay over $5 billion in criminal penalties. The pharmaceutical company will soon dissolve, as the sentencing was the last step before Purdue Pharma had to legally move to close. The company will be replaced by Knoa Pharma, a company aimed at providing relief to and addressing the opioid crisis. The sentencing marks an end to the Department of Justic…
A federal judge in New Jersey condemned the American pharmaceutical company Purdue Pharma on Tuesday, holding it responsible for the origin of the opioid crisis in the United States, before its bankruptcy plan came into effect. The company and its owners, the Sackler family, were accused of promoting the OxyContin painkiller, hiding its high addictive potential and paying tips to doctors, generating billions of dollars in profits. Read more: 'Th…
Coverage Details
Bias Distribution
- 64% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
