Oxycontin drug maker Purdo Pharma, which has been blamed for the US opioid crisis, will be dissolved on Wednesday under a plan approved by a federal judge.
However, the Sculler families who founded the company and made a profit from it will avoid most of the penalties, although they will pay 4. 4.5 billion to settle many of the lawsuits. Opioids.
“The veil will cease to exist, and all of its operating assets will be transferred to a newly formed company with a public mind to deal with the opioid crisis,” the drugmaker said in a statement.
Faced with legal action, in October, Purdo pleaded guilty to three criminal charges for its aggressive campaign to promote the sale of the highly addictive prescription painkiller, which sparked a nationwide addiction crisis and cost more than 500,000. Due to overdose United States In the last 20 years.
The company will be sold by 2024 to be replaced by a new entity to be managed by a trust, which will need to “restrict the advertising of opioid products and … in a safe way that Reduces risk. “
Purdo will also need to create a repository of tens of millions of documents detailing its sales and marketing methods.
Purdue CEO Steve Miller praised the deal, which ended the story, and will provide billions of dollars to the National Opioid Abortion Trust (NOAT) and other organizations to address the consequences of the drug crisis.
Instead of years of devastating litigation, the agreement ensures that billions of dollars will be allocated to help people and communities affected by the opioid crisis, Miller said in a statement.
But the order states that to the extent of fraud or intentional mismanagement, the civilians will have “no liability for expenses or fines”.
New York Attorney General Letia James praised the agreement, citing documents that would show the company’s role in “inciting the opioid epidemic.”
“No deal is perfect, and no amount of money can be made for the millions who have lost their lives, the millions who have become addicted, or the countless families who have broken away from this crisis, but these funds are for the future.” Will be used to prevent. Death and destruction as a result of the opioid epidemic, “James said in a statement.
However, Washington State Attorney General Bob Ferguson announced that he would appeal the plan, calling it “poor” and “insufficient.”
Ferguson said, “This order grants permanent immunity from legal proceedings in exchange for a portion of the profits from the opioid epidemic – and sends the message that billionaires operate under different laws than each other.” Do. ” Said.
Scholars, like many American billionaires, have donated to reputable institutions such as the Met Museum in New York. Many organizations now restrict their donations.
The family’s fortunes plummeted amid the crisis, but it was estimated at about 8 10.8 billion at the end of last year, according to Forbes, which said most of that wealth came from Purdue.