Sacklers Drained Purdue Money After First Lawsuit

Purdue Pharma and three executives pleaded guilty in 2007 and taking part in misleading the public about the risks of OxyContin. The Sacklers, who own the company, began to drain money from the company shortly after, according to the BBC. Between 2008 and 2017, the family transferred about $10.7 billion out of Purdue Pharma. The amount of money greatly exceeds withdrawals that the family made - $1.3 billion - between 1995 and 2007. Lawsuits Threaten the Company’s Survival In the past nine years, states, cities, and counties have started to sue Purdue for their misdeeds. At last, most of the lawsuits were added together in court. Now U.S. Bankruptcy Judge Robert Drain of White Plains, New York, will soon decide to decide whether to approve a $12 billion settlement. The payout would cover more than 2,700 lawsuits over its role in the opioid addiction crisis. The payout will potentially bankrupt the company, but they still have pharmaceutical companies that may remain unaffected and do business overseas. On May 10,…

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