The Sackler family will part ways with Fredo Pharma; Will be committed to devoting $ 10 billion to compensation and the fight against opioids

A U.S. Federal Bankruptcy Judge yesterday (Wednesday) granted conditional approval for a speedy settlement that would remove the Sackler family from ownership of Pardo Pharma, maker of Oxicontin, and require it to spend $ 10 billion fighting the opioid crisis that killed half a million Americans in two decades. Read more in Calcalist: U.S. court freezes proceedings against opioid maker Pardo – Nov. 6 Addiction drugs: Sackler family profits from painkillers – $ 13 billion and four drug companies are examining The deal will result in the conclusion of nearly 3,000 lawsuits from local governments, Native American tribes, various unions and others, accusing the company of aiding in plague aggravation by aggressively marketing its painkiller.3 View Gallery The founders of Fredo Raymond passed away in 2017 and his wife Beverly SacklerThe founders of Fredo Raymond passed away in 2017 and his wife Beverly SacklerPardo founders: Raymond passed away in 2017 and his wife Beverly Sackler (Photo: Perdue Pharma) Under the arrangement, the Sackler family will leave the opioid business altogether, contributing $ 4.5 billion. She will be protected from any future opioid-related lawsuit. At the same time the pharmaceutical manufacturer itself will undergo a rebuilding process for a charity-oriented company, owned by a board appointed by the public. Its profits will be transferred for the benefit of the administration’s efforts to prevent and treat addiction. The arrangement also establishes a compensation fund that will pay drug victims between $ 3,500 and $ 48,000 each. Two relatively small changes, will approve the plan. The judge said that although he had no “affection for the Sacklers or sympathy for them,” collecting money from them through lawsuits instead of a settlement would be a complex and complicated operation. Nine states and entities opposed the settlement Against her. Under the arrangement, the suckers were not granted immunity from criminal charges, although there are no signs that they will have to deal with such. The central government and local governments have come to support the plan en masse, albeit reluctantly in some cases. Nine states and other bodies opposed the arrangement, in part because of the protections afforded to the family. Attorneys for the State of Connecticut, Washington, D.C., have announced that they intend to consider the possibility of appealing the ruling. William Tong, the Attorney General of the State of Connecticut, said that “the Sackler family must not be allowed to take advantage of the bankruptcy laws in order to save their blood money, and evade justice.” 3 View Gallery Richard SacklerRichard SacklerRichard Sacklerma Families who have lost loved ones to drugs have also come out against the emerging settlement, including Ed Bish, from Westampton, New Jersey, whose 18-year-old son died of an overdose nearly 20 years ago. “The suckers are buying their immunity,” he said. However, other families have said they do not want to risk losing the money that will go into treatment and prevention. “If they gave me a million dollars, it would not help bring my son back,” said Lynn Vancos, a Massachusetts resident. “We need to help people who are really struggling with this disease.”
3 View the gallery Opioids opioids oxycontin company Pardo perdueOpioids opioids oxycontin company Pardo perdueOxycontin, Pardo Company (Photo: Reuters)
In a statement, members of the Sackler family said: “While we disagree with the allegations made against our family, we have adopted this path in order to help combat a serious and complex public health crisis.” Fredo Pharma chairman Steve Miller said the arrangement prevented “years of destructive litigation” and promised that “billions of dollars would be devoted to helping people and communities affected by the opioid crisis.” “Completely understandable,” he said. Legally, such as illegally produced heroin and fentanyl. Opioid-related deaths in the U.S. continued at a record rate last year, reaching 70,000. However, even after the agreement is signed, family members who served as the company’s owners will still be worth billions of dollars.

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