Sackler Family Fortune Protected Under Purdue Pharma Bankruptcy Plan
The headquarters of Purdue Pharma, the pharmaceutical giant owned by the Sackler family, in Stamford, Connecticut. Image by Getty
Purdue Pharma has a bankruptcy plan that may ensure the Sackler family keeps their fortune.
Purdue, maker of the painkiller OxyContin, filed for Chapter 11 as it began the process of the settling several lawsuits, The Washington Post reported. The company asked the judge on Wednesday to temporarily pause the lawsuits racking up against the Sacklers, the family that owns it.
The Sacklers already agreed to a settlement with several states, which sued for their perpetuating role in the opioid crisis. If the judge doesn’t grant them protection, the company said the settlement deal may fall through.
State attorneys are incredulous, believing the Sacklers should be using their wealth — the state of Oregon believes they have taken about $10 billion out of the company, according to the Post — to combat the growing problem of opioid addiction.
Alyssa Fisher is a writer at the Forward. Email her at fisher@forward.com, or follow her on Twitter at @alyssalfisher
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