Purdue Pharma is filing for bankruptcy, as new information about the Sackler family who owns the company has come to light.
Part of Settlement Agreement
According to their federal settlement agreement, Purdue Pharma has filed for bankruptcy as reported by USA Today. However not everyone is jumping on the bandwagon. Multiple states have come out against the agreement as they feel it does not give enough financial help to the victims.
New Sackler Revelations
The filing of bankruptcy occurs just as news about the Sackler family moving around money has come to light. According to new court documents, the Sackler family has received around $4 billion dollars in profit from Purdue Pharma, as well as have additional wealth outside of the country. State attorney’s like Pennsylvania AG Josh Shapiro is accusing the family of trying to “evade responsibility and lowball the millions of victims of the opioid crisis.”
It remains to be seen how the impact of the federal agreement, as well as separate lawsuits filed in state courts shape the future of Purdue Pharma. While the company could end up going out of business, there is a possibility that new ownership takes charge if a judge decides to go that route.
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