Purdue's $8.3bn Settlement With DOJ Requires Reconstitution As Public Benefit Company
Purdue pleads guilty to three felony charges over marketing of OxyContin under settlement that requires Purdue to be dissolved and transformed into an entity that provides addiction and overdose medicines. Twenty-five state AGs oppose creation of a PBC, arguing Purdue should be sold to another company.
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US regulators set public workshop on benefits, challenges, and unintended consequences of making REMS education program mandatory. Having a single source for education is also being evaluated. Agency has previously been concerned that a mandatory program might require a restricted distribution system.
Consulting firm agrees to turn over tens of thousands of documents detailing its advice to Purdue, J&J, Endo and Mallinckrodt and pay $537m as part of a deal with 47 states.
Sackler family members were excoriated for taking $10.4 bn from Purdue after 2007 settlement with the DOJ but it seems unlikely the hearing will have an impact on bankruptcy proceedings. Asked to forego $3m bonus, Purdue CEO says he has already made "significant monetary concessions.”