Latest news with #Sackler
Yahoo
12-07-2025
- Business
- Yahoo
Sackler Family to Pay $7.4 Billion Out of Pocket And Walk Away From Purdue Pharma—$1 Billion In Real Estate Could Be On The Line
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. After a years-long battle between the Sackler family and the Department of Justice, as well as a Netflix (NASDAQ:NFLX) series based on the Sackler-owned Purdue Pharma's role in the opioid epidemic, the family has agreed to relinquish all sales of their company's products in the U.S. The settlement included a $7.4 billion payment, which all 50 states, as well as the District of Columbia and U.S. territories, have approved. Purdue Pharma, owned by the Sacklers, was the manufacturer of OxyContin, which played a central role in the national opioid epidemic. As part of the deal, which still needs to be finalized by a bankruptcy court and approved by the DOJ, the Sackler family must contribute $7 billion to help address the opioid crisis in the U.S. The payment will also resolve multiple lawsuits filed against the Sacklers and their company. The Sacklers will personally pay $6.5 billion, and Purdue Pharma will pay $900 million. Don't Miss: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's , starting today. $100k+ in investable assets? – no cost, no obligation. The money won't arrive immediately, but rather, most of it will be received over the first three years, with the remainder distributed over the next 15 years. Members of the family, though, are not required to file for bankruptcy as part of the deal. However, if people wish to sue the Sacklers in a civil court for alleged wrongdoing, they may do so. 'Creditors can preserve their right to take legal action against the Sacklers if they do not opt in to the Sackler releases contained in the Plan,' Purdue Pharma said in a statement. Attorneys suing Purdue and the Sacklers have embraced the deal. 'After five years of litigation and three years in bankruptcy, we are pleased that all 55 eligible states and territories have unanimously agreed to accept,' members of the National Prescription Opiate Litigation Plaintiffs' Executive Committee said in a statement. New York Attorney General Letitia James was also positive about the outcome, saying in a statement: 'While no amount of money can fully heal the destruction they caused, these funds will save lives and help our communities fight back against the opioid crisis.' Trending: BlackRock is calling 2025 the year of alternative assets. 'Today's announcement of unanimous support among the states and territories is a critical milestone towards confirming a Plan of Reorganization that will provide billions of dollars to compensate victims, abate the opioid crisis, and deliver opioid use disorder and overdose rescue medicines that will save American lives,' Purdue Pharma said in its statement. The size of the settlement offers some indication of the family's net worth. A 2021 report from the House Committee on Oversight put the family's wealth at $11 billion, which included $1 billion in real estate. Among their residences were two estates in Greenwich, Connecticut, including a 10-acre spread valued at $46 million in 2019, which belonged to Purdue Pharma co-founder Raymond Sackler and his wife, Beverly, The Wall Street Journal late son, Jonathan, owned a property opposite, estimated to be worth $12 million in 2020. In addition to international property, the family had multimillion-dollar holdings in the Hamptons and a Manhattan townhouse they sold in 2020 for $38 million, according to the New York Post. reports that the Sackler family still has multiple high-priced properties dotted around Manhattan, although Richard Sackler — the highest profile of the family, due to his role as chair and president of Purdue Pharma — has quietly sold real estate holdings in Los Angeles, Austin, Texas and Boca Raton, Florida. Read Next: Over the last five years, the price of gold has increased by approximately 83% — Investors like Bill O'Reilly and Rudy Giuliani are u. Image: Shutterstock This article Sackler Family to Pay $7.4 Billion Out of Pocket And Walk Away From Purdue Pharma—$1 Billion In Real Estate Could Be On The Line originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Boston Globe
20-06-2025
- Business
- Boston Globe
Purdue Pharma's $7B opioid settlement is set for votes from victims and cities
Government entities, emergency room doctors, insurers, families of children born into withdrawal from the powerful prescription painkiller, individual victims and their families, and others will have until Sept. 30 to vote on whether to accept the deal. Advertisement The settlement is a way to avoid trials with claims from states alone that total more than $2 trillion in damages. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up This month, 49 states announced they had signed on to the proposal. Only Oklahoma, which has a separate settlement with the company, is not involved. Massachusetts is in line for up to $105 million from the settlement, Attorney General Andrea Campbell said Tuesday. If approved, the settlement would be among the largest in a wave of lawsuits over the past decade as governments and others sought to hold drugmakers, wholesalers, and pharmacies accountable for the opioid epidemic that started rising in the years after OxyContin hit the market in 1996. The other settlements together are worth about $50 billion, and most of the money is to be used to combat the crisis. Advertisement In the early 2000s, most opioid deaths were linked to prescription drugs, including OxyContin. Since then, heroin and then illicitly produced fentanyl became the biggest killers. In some years, the class of drugs was linked to more than 80,000 deaths, but that number dropped sharply last year. Last year, the US Supreme Court rejected a version of Purdue's proposed settlement. The court found it was improper to protect members of the Sackler family from lawsuits over opioids, even though they themselves were not filing for bankruptcy protection. In the new version, groups that don't opt in to the settlement would still have the right to sue members of the wealthy family whose name once adorned museum galleries around the world, as well as programs at several prestigious US universities. Under the plan, the Sackler family members would give up ownership of Purdue. They resigned from the company's board and stopped receiving distributions from its funds before the company's initial bankruptcy filing in 2019. The remaining entity would get a new name and its profits would be dedicated to battling the epidemic. Most of the money would go to state and local governments to address the nation's addiction and overdose crisis, but potentially close to $900 million would go directly to individual victims. That makes it different from the other major settlements. The payments would not begin until after a hearing, likely in November, in which Lane would be asked to approve the entire plan if enough affected parties agree.
Chicago Tribune
20-06-2025
- Business
- Chicago Tribune
Purdue Pharma's $7B opioid settlement plan could get votes from victims and cities
OxyContin maker Purdue Pharma 's $7 billion-plus plan to settle thousands of lawsuits over the toll of opioids will go before a judge Friday, potentially setting up votes on whether to accept it for local governments, people who became addicted to the drug and other groups. This month, 49 states announced they have signed on to the the proposal. Only Oklahoma, which has a separate settlement with the company, is not involved. U.S. Bankruptcy Court Judge Sean Lane could decide as soon as Friday whether to advance the nationwide settlement, which was hammered out in negotiations between the company, groups that have sued and representatives of members of the Sackler family who own the company. If Lane moves the plan forward as it's been presented, government entities, emergency room doctors, insurers, families of children born into withdrawal from the powerful prescription painkiller, individual victims and their families and others would have until Sept. 30 to vote on whether to accept the deal. The settlement is a way to avoid trials with claims from states alone that total more than $2 trillion in damages. If approved, the settlement would be among the largest in a wave of lawsuits over the past decade as governments and others sought to hold drugmakers, wholesalers and pharmacies accountable for the opioid epidemic that started rising in the years after OxyContin hit the market in 1996. The other settlements together are worth about $50 billion, and most of the money is to be used to combat the crisis. In the early 2000s, most opioid deaths were linked to prescription drugs, including OxyContin. Since then, heroin and then illicitly produced fentanyl became the biggest killers. In some years, the class of drugs was linked to more than 80,000 deaths, but that number dropped sharply last year. Last year, the U.S. Supreme Court rejected a version of Purdue's proposed settlement. The court found it was improper to protect members of the Sackler family from lawsuits over opioids, even though they themselves were not filing for bankruptcy protection. In the new version, groups that don't opt in to the settlement would still have the right to sue members of the wealthy family whose name once adorned museum galleries around the world and programs at several prestigious U.S. universities. Under the plan, the Sackler family members would give up ownership of Purdue. They resigned from the company's board and stopped receiving distributions from its funds before the company's initial bankruptcy filing in 2019. The remaining entity would get a new name and its profits would be dedicated to battling the epidemic. Most of the money would go to state and local governments to address the nation's addiction and overdose crisis, but potentially more than $850 million would go directly to individual victims. That makes it different from the other major settlements. The payments would not begin until after a hearing, likely in November, during which Judge Lane would be asked to approve the entire plan if enough of the affected parties agree.
20-06-2025
- Business
Purdue Pharma's $7B opioid settlement plan could get votes from victims and cities
OxyContin maker Purdue Pharma 's $7 billion-plus plan to settle thousands of lawsuits over the toll of opioids will go before a judge Friday, potentially setting up votes on whether to accept it for local governments, people who became addicted to the drug and other groups. This month, 49 states announced they have signed on to the the proposal. Only Oklahoma, which has a separate settlement with the company, is not involved. U.S. Bankruptcy Court Judge Sean Lane could decide as soon as Friday whether to advance the nationwide settlement, which was hammered out in negotiations between the company, groups that have sued and representatives of members of the Sackler family who own the company. If Lane moves the plan forward as it's been presented, government entities, emergency room doctors, insurers, families of children born into withdrawal from the powerful prescription painkiller, individual victims and their families and others would have until Sept. 30 to vote on whether to accept the deal. The settlement is a way to avoid trials with claims from states alone that total more than $2 trillion in damages. If approved, the settlement would be among the largest in a wave of lawsuits over the past decade as governments and others sought to hold drugmakers, wholesalers and pharmacies accountable for the opioid epidemic that started rising in the years after OxyContin hit the market in 1996. The other settlements together are worth about $50 billion, and most of the money is to be used to combat the crisis. In the early 2000s, most opioid deaths were linked to prescription drugs, including OxyContin. Since then, heroin and then illicitly produced fentanyl became the biggest killers. In some years, the class of drugs was linked to more than 80,000 deaths, but that number dropped sharply last year. Last year, the U.S. Supreme Court rejected a version of Purdue's proposed settlement. The court found it was improper to protect members of the Sackler family from lawsuits over opioids, even though they themselves were not filing for bankruptcy protection. In the new version, groups that don't opt in to the settlement would still have the right to sue members of the wealthy family whose name once adorned museum galleries around the world and programs at several prestigious U.S. universities. Under the plan, the Sackler family members would give up ownership of Purdue. They resigned from the company's board and stopped receiving distributions from its funds before the company's initial bankruptcy filing in 2019. The remaining entity would get a new name and its profits would be dedicated to battling the epidemic. Most of the money would go to state and local governments to address the nation's addiction and overdose crisis, but potentially more than $850 million would go directly to individual victims. That makes it different from the other major settlements. The payments would not begin until after a hearing, likely in November, during which Judge Lane would be asked to approve the entire plan if enough of the affected parties agree.
San Francisco Chronicle
20-06-2025
- Business
- San Francisco Chronicle
Purdue Pharma's $7B opioid settlement plan could get votes from victims and cities
OxyContin maker Purdue Pharma 's $7 billion-plus plan to settle thousands of lawsuits over the toll of opioids will go before a judge Friday, potentially setting up votes on whether to accept it for local governments, people who became addicted to the drug and other groups. This month, 49 states announced they have signed on to the the proposal. Only Oklahoma, which has a separate settlement with the company, is not involved. U.S. Bankruptcy Court Judge Sean Lane could decide as soon as Friday whether to advance the nationwide settlement, which was hammered out in negotiations between the company, groups that have sued and representatives of members of the Sackler family who own the company. If Lane moves the plan forward as it's been presented, government entities, emergency room doctors, insurers, families of children born into withdrawal from the powerful prescription painkiller, individual victims and their families and others would have until Sept. 30 to vote on whether to accept the deal. The settlement is a way to avoid trials with claims from states alone that total more than $2 trillion in damages. If approved, the settlement would be among the largest in a wave of lawsuits over the past decade as governments and others sought to hold drugmakers, wholesalers and pharmacies accountable for the opioid epidemic that started rising in the years after OxyContin hit the market in 1996. The other settlements together are worth about $50 billion, and most of the money is to be used to combat the crisis. In the early 2000s, most opioid deaths were linked to prescription drugs, including OxyContin. Since then, heroin and then illicitly produced fentanyl became the biggest killers. In some years, the class of drugs was linked to more than 80,000 deaths, but that number dropped sharply last year. Last year, the U.S. Supreme Court rejected a version of Purdue's proposed settlement. The court found it was improper to protect members of the Sackler family from lawsuits over opioids, even though they themselves were not filing for bankruptcy protection. In the new version, groups that don't opt in to the settlement would still have the right to sue members of the wealthy family whose name once adorned museum galleries around the world and programs at several prestigious U.S. universities. Under the plan, the Sackler family members would give up ownership of Purdue. They resigned from the company's board and stopped receiving distributions from its funds before the company's initial bankruptcy filing in 2019. The remaining entity would get a new name and its profits would be dedicated to battling the epidemic. Most of the money would go to state and local governments to address the nation's addiction and overdose crisis, but potentially more than $850 million would go directly to individual victims. That makes it different from the other major settlements. The payments would not begin until after a hearing, likely in November, during which Judge Lane would be asked to approve the entire plan if enough of the affected parties agree.
