Owners of Purdue Pharma (makers of Oxycontin) are accused of shifting billions overseas to decrease fines. Should they have to pay this back?
The Sackler family owns Purdue Pharma which manufactures the opioid painkiller Oxycontin.
As part of America's ongoing fight to curb the opioid epidemic, several state attorneys general have entered into settlement agreements with the Sackler family to settle claims against Purdue Pharma. These settlement agreements were negotiated based on the value of Purdue Pharma, Inc.
However, the New York attorney general recently revealed information which shows the Sackler family has been shifting business income overseas where it is not subject to US jurisdiction. Basically, they made Purdue Pharma appear less valuable than it is.
As a result, some of the settlement agreements have been revoked in the hopes that the Sackler family will be forced to dip into these overseas assets to increase the value of the settlement agreements.
Do you think the Sacklers should have to do this? Or should the settlement be limited to the value of Purdue Pharma, Inc?
- Spock (rhp)Lv 711 months agoFavourite answer
the bankruptcy court will handle this. transfers in anticipation of bankruptcy can be ordered reversed by the court. Sure, the family can hide money overseas [any rich person can], and the courts take a dim view of people who do so ... to the possible extend of finding them in contempt and immediately jailing them for that contempt
- out2lunch4now2Lv 711 months ago
Since the federal government approved the use of the drug, it should be held responsible for any negative effects.