Purdue’s Hidden Billion

Last night Purdue Pharma filed for Chapter 11 bankruptcy to move forward a settlement that would shield the Sacklers and the family firm from over 2,600 opioid lawsuits, The New York Times reports.

The settlement terms assume that the Sackler family fortune is around $13 billion—but subpoena documents revealed Friday could throw a wrench into the agreement, Vox reports. New York court filings showed almost $1 billion in previously undisclosed wire transfers from Purdue to private Sackler family accounts, suggesting attempts to conceal the true extent of family fortune.

Purdue’s board argues that the unique settlement would save hundreds of millions of dollars in litigation, and instead funnel billions of dollars into addressing the opioid crisis, according to the Times.

Thousands of jurisdictions have signed on to the tentative settlement, but 26 states are determined not to settle.


 

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