The maker of painkiller OxyContin says in a statement that bankruptcy is the next step in implementing the billions of dollars paid to states and local and tribal governments that have accused the pharmaceutical giant of helping to combat the opioid crisis.
The company denied any wrongdoing.
"This court-controlled process aims, among other things, to facilitate the proper and fair resolution of all claims against Purdue while maintaining the value of Purdue's assets in favor of those affected by the opioid crisis," said a company statement that also provided some details about the company's settlement proposal.
Once bankruptcy proceedings are completed, the company's valuation will provide more than $ 1
The Sackler family, which owns the company, had a new venture that would manufacture overdose drugs and continue to develop the OTC naloxone product that they would provide at no or low cost to communities in the United States. has been negotiating for weeks on cases filed by more than 2,000 states, counties, municipalities and governments of Indians against Purdue Pharma and other opioid companies.
The proposed agreement did not receive unanimous support, with many attorneys generally opposing it and vowing to continue fighting the company.
"A slap in the face"
Pennsylvania Attorney General J osh Shapiro said Wednesday that the case is "far from over."
"This seeming agreement is a slap in the face to everyone who was supposed to bury a loved one because of the destruction and greed of that family. This allows the Sackler family to walk away from billionaires and not admit wrongdoing, "Shapiro says in a statement obtained by CNN.
The New York Attorney General is trying to determine how much money the Sacklers have and where that money is.
In a statement to CNN, Sackler said that "there is nothing new in these ten-year transfers that were completely legal and appropriate in every respect.
"This is me cynical attempt by the hostile AG office to generate defamatory headlines to try to torpedo a mutually beneficial agreement that is supported by so many other countries and would result in billions of dollars reaching out to communities and persons from all over the country in need of assistance, "Saacker said.
Sakler is involved in 137 bank transfers totaling nearly $ 20 million, and some of these transfers have recently occurred in 2018, the filing shows.
He received some of these translations, redirecting "a significant portion of
According to a court document, Sakler transferred nearly $ 40 million to Central Eight Realty LLC, which owns a townhouse in New York, on his behalf. Nearly $ 4 million in bank transfer was received from Cherry Tree Holdings LLC, which owns a home in Amagansett, New York on its behalf.