UPDATED 3:53 PM PT – Friday, August 13, 2021
A court hearing is underway for OxyContin maker Purdue Pharma, as the company faces scorching accusations. On Thursday, the U.S. bankruptcy court heard a deal, which would force the wealthy Sackler family to pay more than $4 billion and give up control of Purdue Pharma.
The high-profile company aims to resolve thousands of lawsuits, which accuse them of fueling the opioid crisis with their painkiller, OxyContin. According to the Centers for Disease Control and Prevention (CDC), the opioid crisis has claimed half a million lives since 1999.
“The plan must be analyzed in light of the alternative, not a comparison to the ideal,” said Ed Neiger, a lawyer representing individual victims and their families. “500,000 people have died as result of the opioid crisis thus far. If we go the all-out litigation route, another 500,000 might die before we see a penny from the Sacklers.”
The hearing is expected to last for a couple of weeks, but most states say the settlement fails to hold the company accountable.
— Reuters (@Reuters) August 9, 2021