WATCH – CROOKS OFF THE HOOK –
Sept. 1, 2021 – Drain said it was clear the wrongful marketing of the company’s opioid products contributed to the country’s addiction crisis, which touched every corner of the country. “That makes the bankruptcy case before me highly unusual and complex,” said Drain, who spent more than six hours reading his ruling from the bench.
The plan, which Purdue values at more than $10 billion, dissolves the drugmaker and shifts assets to a new company not controlled by Sackler family members. The new company will be owned by a trust run to combat the opioid epidemic in U.S. communities that alleged the company and its owners aggressively marketed the painkiller OxyContin while playing down its abuse and overdose risks.
It also includes legal releases shielding Sackler family members from future opioid litigation, a controversial provision that some states opposed. Congressional Democrats in recent weeks introduced legislation to block such legal releases.