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Purdue pharma, at the heart of the opiate scandal, declares bankruptcy

2019-09-16T09:02:20.605Z

The huge Purdue Pharma Group declares bankruptcy. The maker of a successful pain treatment, Oxycontin, is at the heart of the opiate scandal, about 400,000 deaths for 20 years. By placing itself under the protection of the bankruptcy law, ...


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The US pharmaceutical group Purdue Pharma said on Sunday that it would declare bankruptcy in an amicable agreement, hoping to draw $ 10 billion to close thousands of complaints related to the opiate crisis. REUTERS / George Frey

The huge group Purdue Pharma declares bankruptcy. The manufacturer of a successful pain treatment, Oxycontin, is at the heart of the opiate scandal, about 400,000 deaths for 20 years. By placing themselves under the protection of the bankruptcy law, Purdue Pharma executives do not really close the door. In fact, they are mostly trying to avoid lawsuits.

More than 2,000 complaints are already threatening Purdue Pharma, the Connecticut-based group, founded in 1892 . And thousands of others can still appear. At least $ 10 billion will be needed to compensate victims or their beneficiaries. And that's precisely the sum that purdue Pharma intends to gather through this process announced Sunday, September 14 after a board of directors.

If validated by the court, the entire value of the group will be paid to an agency that will be responsible for resolving all disputes. In other words, we would have a new company with a new board of directors chosen by the plaintiffs. We'll see if they play the game, which is not won.

This amicable agreement will probably take time to set up, but we understand that the use of the famous chapter 11 of the bankruptcy law is primarily a way to avoid long and expensive procedures. The wealthy Sackler family , in addition to losing control of their flagship, may have to pay billions of dollars privately. A family accused of hiding part of his immense fortune abroad.

Source: rfi

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