DIRS.INFO The most relevant business & tech news

At issue is whether U.S. bankruptcy law allows Purdue's restructuring to include legal protections for the members of the Sackler family, who have not filed for personal bankruptcy. Members of the Sackler family have denied wrongdoing but expressed regret that OxyContin "unexpectedly became part of an opioid crisis." They said in May that the bankruptcy settlement would provide "substantial resources for people and communities in need." The administration told the Supreme Court that Purdue's settlement is an abuse of bankruptcy protections meant for debtors in "financial distress," not people like the Sacklers. The administration has also alleged that the Sackler family members withdrew $11 billion from Purdue before agreeing to contribute $6 billion to its opioid settlement.

Persons: painkiller, George Frey, Joe Biden's, Sackler, Biden, OxyContin, John Kruzel, Andrew Chung, Will Dunham Organizations: Purdue Pharma L.D, REUTERS, Rights, Purdue Pharma, WASHINGTON, U.S, Supreme, Purdue, Circuit, Thomson Locations: Provo , Utah, U.S, Stamford , Connecticut, Manhattan

☆ The oxycontin-peddling Sackler family has tried to get immunity from civil lawsuits by filing for bankruptcy. That might be illegal.
▼ + stars: | 2023-12-03 | by ( Katie Balevic | ) www.businessinsider.com time to read: +3 min

The US Supreme Court will decide whether Purdue Pharma's bankruptcy settlement will stand. Officially referred to as third-party nonconsensual releases, the legal maneuver allows organizations to settle personal injury claims in bankruptcy court instead of civil court. Legal experts say companies are more often relying on bankruptcy court than civil court to settle claims, The New York Times reported. Opponents of the practice say it robs regular people of their day in civil court. The Sacklers' settlement deal did not require the Sacklers themselves to declare bankruptcy, just Purdue Pharma, according to the Times.

Persons: Sackler, — Organizations: Purdue, Service, Purdue Pharma, Reuters, The New York Times, Times

☆ Explainer: How will the Supreme Court reshape US opioid epidemic relief?
▼ + stars: | 2023-12-03 | by ( John Kruzel | ) www.reuters.com time to read: +5 min

The settlement also would shield the Stamford, Connecticut-based pharmaceutical company's wealthy Sackler family owners from lawsuits brought by opioid victims. A U.S. bankruptcy court approved that restructuring plan in 2021. Lawsuits against Purdue and Sackler family members accuse them of fueling the opioid epidemic through deceptive marketing of its pain medication. They said in May that the bankruptcy settlement would provide "substantial resources for people and communities in need." The administration also has said Sackler family members withdrew $11 billion from Purdue before agreeing to contribute $6 billion to the opioid settlement.

Persons: OxyContin, Sackler, Department's, Joshua Silverstein, Silverstein, Joe Biden's, John Kruzel, Dietrich Knauth, Will Dunham Organizations: Purdue Pharma, WASHINGTON, U.S, Supreme, Purdue, U.S ., District of Columbia, University of Arkansas, Justice Department, Thomson Locations: Stamford , Connecticut, United States, U.S, Little, New York

The Supreme Court is set to hear arguments Dec. 4 over whether the agreement, part of the resolution of Purdue Pharma's bankruptcy, violates federal law. She initially opposed the deal with Purdue Pharma but has come around. The Purdue Pharma settlement would be among the largest. But in the decade before that, they were paid more than $10 billion, about half of which family members said went to pay taxes. The department and Purdue Pharma forged a plea bargain in a criminal and civil case.

Persons: Sackler, Ellen Isaacs ’, Ryan Wroblewski, ”, Mike Quinn, ” Lynn Wencus, Jeff, ” Wencus, It's, General Merrick Garland, Donald Trump, Joe Biden, Purdue Pharma’s, ” ___ Mulvihill Organizations: WASHINGTON, Purdue Pharma, Purdue, Sackler, Bankruptcy, Justice Department, Republican, Democrat, Congress, Boy Scouts of, Boy Scout, Catholic, “ Locations: Florida, Wrentham , Massachusetts, Stamford , Connecticut, ”, Boy Scouts of America, Cherry Hill , New Jersey

☆ Curtain comes up on new term for conservative US Supreme Court
▼ + stars: | 2023-10-02 | by ( John Kruzel | ) www.reuters.com time to read: +4 min

The U.S. Supreme Court building is seen in Washington, U.S., August 31, 2023. The conservative justices have shown assertiveness in major rulings in the past two years. The court has ended its recognition of a constitutional right to abortion, expanded gun rights, restricted federal agency powers, rejected affirmative action in college admissions and broadened religious rights. The justices are opening their annual term on the first Monday of October, in keeping with tradition. The term debuts with some justices under ethics scrutiny after revelations this year of their ties to wealthy conservative benefactors.

Persons: Kevin Wurm, Joe Biden's, Mark Pulsifer, Donald Trump, Pulsifer, Ruth Bader Ginsburg, Trump, Amy Coney Barrett, Ginsburg, John Kruzel, Will Dunham Organizations: U.S, Supreme, REUTERS, Rights, Purdue, Republican, resentencing, Consumer Financial Protection Bureau, Securities and Exchange Commission, U.S . Postal, Thomson Locations: Washington , U.S, Iowa, Texas, Florida

Bottles of prescription painkiller OxyContin made by Purdue Pharma LP sit on a shelf at a local pharmacy in Provo, Utah, U.S., April 25, 2017. The settlements, which require a judge's approval, were disclosed in papers filed on Tuesday in federal court in San Francisco. The money is on top of $641.5 million that McKinsey already paid to resolve claims by state attorneys-general. McKinsey will pay $207 million to resolve claims by counties and municipalities, and another $23 million to resolve claims by public school districts. Aelish Baig, a lawyer for the local governments, in a statement called the deal "a strong outcome for the communities harmed by this crisis".

Persons: painkiller OxyContin, George Frey, Aelish Baig, McKinsey, Joe Biden's, Purdue Pharma's, Nate Raymond, Miral Organizations: Purdue Pharma, REUTERS, Companies Mckinsey, Company, Consulting, McKinsey, Co, U.S . Centers for Disease Control, U.S, Supreme, Purdue, Thomson Locations: Provo , Utah, U.S, San Francisco, United States, Boston

☆ Rudy Giuliani helped Purdue Pharma keep selling OxyContin. Here's the real story behind what's depicted in 'Painkiller.'
▼ + stars: | 2023-08-18 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

Giuliani helped Purdue Pharma strike a deal with the government to keep selling the drug. Purdue Pharma hired Giuliani back in 2002, representing the first client his consulting firm ever landed, The New York Times reported in 2007. By getting Brownlee to agree to prosecute the parent company, Purdue Frederick, rather than Purdue Pharma, Giuliani and his team were also able to prevent a ban against Purdue Pharma doing future business with the federal government, which manages public health programs like Medicaid, Medicare, and the Veterans Administration health system, The Guardian reported. Under our settlement, Purdue Pharma would cease to exist and Knoa Pharma, a newly formed company with a public-minded mission, would emerge. The settlement would deliver over $10 billion of value for opioid crisis abatement, overdose rescue medicines, and victim compensation."

Persons: Trump, Rudy Giuliani, Giuliani, — Rudy Giuliani, Sackler, OxyContin, Edie Flowers, Uzo Aduba, Patrick Radden Keefe, John Brownlee's, James Comey, Brownlee, who'd, Purdue Frederick Organizations: Netflix, Former New York City Mayor, Purdue Pharma, Service, Purdue, New, New York City, OxyContin, The New York Times, Guardian, Veterans Administration, Knoa Pharma Locations: Wall, Silicon, New York, New York City, OxyContin

"We are confident in the legality of our nearly universally supported plan of reorganization, and optimistic that the Supreme Court will agree," the company added. Members of the Sackler family have denied wrongdoing but expressed regret that OxyContin "unexpectedly became part of an opioid crisis." They said in May that the bankruptcy settlement would provide "substantial resources for people and communities in need." In a court filing, the administration told the Supreme Court that Purdue's settlement is an abuse of bankruptcy protections meant for debtors in "financial distress," not people like the Sacklers. According to the administration, Sackler family members withdrew $11 billion from Purdue before agreeing to contribute $6 billion to its opioid settlement.

Persons: George Frey, Joe Biden's, Sackler, OxyContin, Biden, John Kruzel, Andrew Chung, Dietrich Knauth, Will Dunham Organizations: Purdue Pharma, REUTERS, WASHINGTON, U.S, Supreme, Purdue, . Trustee, The, Circuit, Thomson Locations: Provo , Utah, U.S, Stamford , Connecticut, Washington, New York

A pharmacist holds a bottle OxyContin made by Purdue Pharma at a pharmacy in Provo, Utah, U.S., May 9, 2019. At issue is whether U.S. bankruptcy law allows Purdue's restructuring to include legal protections for the Sackler family, who have not filed for personal bankruptcy. They said in May that the bankruptcy settlement would provide "substantial resources for people and communities in need." In a court filing, the administration told the Supreme Court that Purdue's settlement is an abuse of bankruptcy protections meant for debtors in "financial distress," not people like the Sacklers. According to the administration, Sackler family members withdrew $11 billion from Purdue before agreeing to contribute $6 billion to its opioid settlement.

Persons: George Frey, Joe Biden's, Sackler, OxyContin, Biden, John Kruzel, Andrew Chung, Dietrich Knauth, Will Dunham Organizations: Purdue Pharma, REUTERS, WASHINGTON, U.S, Supreme, Purdue, Circuit, U.S . Trustee, Thomson Locations: Provo , Utah, U.S, Stamford , Connecticut, Washington, New York

☆ Supreme Court blocks Purdue Pharma's $6 billion opioid settlement, will hear challenge
▼ + stars: | 2023-08-10 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

(Prescription Addiction Intervention Now) and Truth Pharm staged a rally and die-in outside New York's Southern District Federal Court in White Plains. The Supreme Court on Thursday blocked for now a $6 billion bankruptcy settlement by Purdue Pharma that would protect its Sackler family owners from civil lawsuits related to the opioid crisis. The Supreme Court also said it will hear a challenge to the settlement by Purdue, the maker of the opioid OxyContin, by a U.S. Bankruptcy trustee. There were no dissents by any of the court's justices in the order granting the requested hold. The case will be argued in December at the high court.

Persons: Pharm Organizations: New York's Southern, Federal Court, Purdue Pharma, Purdue, U.S Locations: New York's, White Plains

☆ AI-Targeted Internet Advertisements Fueling Looming Addiction Crisis
▼ + stars: | 2023-07-13 | by ( Albert Fox Cahn | ) www.businessinsider.com time to read: +13 min

A new breed of direct-to-consumer services is aggressively using targeted ads to sell habit-forming medications. In short, AI and surveillance capitalism, which empower today's targeted ads, have joined forces with the deadly OxyContin playbook. As the Journal reported, after ADHD medications grew to 20% of the VC-funded company's business, driving a $4.8 billion valuation, things came crashing to earth. We as a society may have come to accept being stalked by targeted ads, but consequences are much graver when the product itself is a danger. But above all, we need rules that ban targeted ads for drugs that can get patients hooked.

Persons: Taylor Swift, they're, haven't, Van Zee, OxyContin, prescribers, Dr, David Sack, Anthony Yeung, recreationally, Yann Poncin, shih, Ryan Haight, Ryan Haight Act's, Albert Fox Cahn Organizations: Circle, Purdue, American, of Public Health, Sackler family's pharma, Physicians, Yale School of Medicine, Bloomberg, Drug Enforcement Agency, Department of Health, Human Services, Ryan, Twitter, FDA Locations: Canadian, California, United States, New Zealand, New York

Search resuls for: "Purdue Pharma's"

11 mentions found