Tuesday, December 17, 2019

Billions Diverted

 Purdue Pharma fuelled the US opioid crisis through drugs like OxyContin. Purdue and three executives pleaded guilty in 2007 to misleading the public about the risks of addition to powerful opioid painkiller OxyContin. The billionaire Sackler family started to take far more money out of Oxycontin-producer Purdue Pharma after the firm pleaded guilty to misleading marketing in 2007. The family transferred about $10.7bn (£8bn) out of Purdue Pharma from 2008 to 2017, court documents reveal. This dwarfs the $1.3bn taken between 1995 and 2007.
Sackler family members took billions from the company and distributed among trusts and holding companies. The drugmaker has now filed for bankruptcy protection in September to put thousands of lawsuits on hold while it tries to build support for a proposed settlement it estimates is worth $10bn.


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