The agreement hammered out with state and local governments and victims would provide billions of dollars to combat the opioid epidemic. The Sacklers would contribute up to $6 billion and give up ownership, and the company would emerge from bankruptcy as a different entity, with its profits used for treatment and prevention.
But the justices put the settlement on hold during the summer, in response to objections from the Biden administration.
The issue for the justices is whether the legal shield that bankruptcy provides can be extended to people such as the Sacklers, who have not declared bankruptcy themselves. Lower courts have issued conflicting decisions over that issue, which also has implications for other major product liability lawsuits settled through the bankruptcy system.
The U.S. Bankruptcy Trustee, an arm of the Justice Department, contends that the bankruptcy law does not permit protecting the Sackler family from being sued by people who are not part of the settlement. During the Trump administration, the government supported the settlement.
Proponents of the plan said third-party releases are sometimes necessary to forge an agreement, and federal law imposes no prohibition against them.
Lawyers for more than 60,000 victims who support the settlement called it “a watershed moment in the opioid crisis,” while recognizing that “no amount of money could fully compensate” victims for the damage caused by the misleading marketing of OxyContin, a powerful prescription painkiller.
A lawyer for a victim who opposes the settlement calls the provision dealing with the Sacklers "special protection for billionaires.”
OxyContin first hit the market in 1996, and Purdue Pharma’s aggressive marketing of it is often cited as a catalyst of the nationwide opioid epidemic, persuading doctors to prescribe painkillers with less regard for addiction dangers.
The drug and the Stamford, Connecticut-based company became synonymous with the crisis, even though the majority of pills being prescribed and used were generic drugs. Opioid-related overdose deaths have continued to climb, hitting 80,000 in recent years. Most of those are from fentanyl and other synthetic drugs.
The Purdue Pharma settlement would be among the largest reached by drug companies, wholesalers and pharmacies to resolve epidemic-related lawsuits filed by state, local and Native American tribal governments and others. Those settlements have totaled more than $50 billion.
But the Purdue Pharma settlement would be one of only two so far that include direct payments to victims from a $750 million pool. Payouts are expected to range from about $3,500 to $48,000.
Sackler family members no longer are on the company's board, and they have not received payouts from it since before Purdue Pharma entered bankruptcy. In the decade before that, though, they were paid more than $10 billion, about half of which family members said went to pay taxes.
A decision in Harrington v. Purdue Pharma, 22-859, is expected by early summer.
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Treasury creates new strike force as US and China pursue crackdown on illicit fentanyl trafficking
By FATIMA HUSSEIN
Today
WASHINGTON (AP) — The Treasury Department on Monday announced a new strike force to help combat illicit fentanyl trafficking as the U.S. and China step up efforts to stop the movement of the powerful opioid and drug-making materials into the U.S.
The Counter-Fentanyl Strike Force will bring together personnel and intelligence from throughout the Treasury Department — from its sanctions and intelligence arms to IRS Criminal Investigations — to more effectively collaborate on stopping the flow of drugs into the country.
The creation of the group is the beginning of the Biden administration's plan to redouble its efforts to stem the tide of illegal fentanyl after President Joe Biden and Chinese President Xi Jinping met in California in November. At the meeting, they announced that China is telling its chemical companies to curtail shipments of the materials used to produce fentanyl to Latin America.
China has also resumed sharing information about suspected trafficking with an international database.
Mexico and China are the primary source countries for fentanyl and fentanyl-related substances trafficked directly into the U.S., according to the Drug Enforcement Administration. Nearly all the precursor chemicals that are needed to make fentanyl are coming from China.
Among other things, the Treasury task force will analyze the financial flows of trafficking organizations, especially those that rely on cryptocurrency to move funds; work with local law enforcement in areas hardest hit by the fentanyl epidemic and use financial institution records to detect transactions related to drug and human smuggling.
“Combating the flow of deadly fentanyl into communities across the United States is a top priority for President Biden as well as the Treasury Department,” Treasury Secretary Janet Yellen in a statement. She said the new group will "allow us to bring the department’s unrivaled expertise in fighting financial crime to bear against this deadly epidemic.”
"Treasury will use every tool at its disposal to disrupt the ability of drug traffickers to peddle this poison in our country.”
The Biden administration has taken a slew of actions against fentanyl traffickers — charging powerful traffickers with drug and money laundering offenses and announcing indictments and sanctions against Chinese companies and executives blamed for importing the chemicals used to make the dangerous drug.
Still, fentanyl is the deadliest drug in the U.S. today. The Centers for Disease Control and Prevention estimates that 71,000 people died from overdosing on synthetic opioids such as fentanyl in 2021, up from almost 58,000 in 2020.
The death toll is more than 10 times as many drug deaths as in 1988, at the height of the crack epidemic.
U.S. lawmakers have proposed a variety of measures to combat fentanyl's explosive use in the U.S.
Many of the GOP presidential candidates have said they would use military force against Mexico in response to the trafficking of fentanyl and other synthetic opioids.
And the leaders of the Senate Banking and Armed Services Committees, along with others, want to compel the Biden administration to declare international fentanyl trafficking a national emergency and pass legislation that would hold Treasury to reporting requirements and enable the president to confiscate sanctioned property of fentanyl traffickers to use for law enforcement efforts.
Treasury officials, including Brian Nelson, the department's undersecretary for terrorism and financial intelligence, have been traveling to the southern border this year to work with local authorities on quelling drug trafficking through sanctions efforts.
Nelson will co-chair the strike force with IRS Criminal Investigations Chief Jim Lee.
Nelson said the strike force "will act quickly and decisively with the top specialists from across the department to nimbly respond to the newest threats.”
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
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another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Supreme Court appears torn during Purdue opioid settlement arguments By Robert Barnes and David Ovalle December 04, 2023 at 13:59 ET The Supreme Court on Monday seemed torn about both the merits and the legality of a proposed Purdue Pharma bankruptcy plan that would allocate billions of dollars to help ease the nation’s opioid crisis, but also shield the family that owns the company from future lawsuits. Justices across the ideological spectrum asked tough questions of lawyers from the Justice Department, which opposes the deal, and attorneys for Purdue and the vast number of parties that have an interest in the outcome. Those parties say unraveling the settlement plan would leave some victims with nothing. “Forget a better deal — there is no other deal,” said Washington lawyer Pratik Shah, who represents the interests of states, hospitals, tribes, insurance companies, individual victims and other creditors who agreed to the settlement. But Curtis E. Gannon, representing the Justice Department, said that claim already has been proven untrue. After some states and individuals objected to a previous version of the plan, he said, the Sackler family — which owns Purdue — ponied up more cash, increasing their contributions from more than $4 billion to about $6 billion, to be paid over nearly two decades. Gannon said another settlement could be worked out that doesn’t necessarily involve releases or bankruptcy. “We do hope there is another deal at the end of this,” he said. [See how deeply opioid pills flooded your U.S. community] Purdue declared bankruptcy in 2019, as it faced thousands of lawsuits and allegations that the company helped fuel the opioid crisis by the marketing of its blockbuster painkiller OxyContin. But members of the Sackler family did not themselves file for bankruptcy.
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Consulting firm McKinsey agrees to $78 million settlement with insurers over opioids
By DEE-ANN DURBIN
30 Dec 2023
Consulting firm McKinsey and Co. has agreed to pay $78 million to settle claims from insurers and health care funds that its work with drug companies helped fuel an opioid addiction crisis.
The agreement was revealed late Friday in documents filed in federal court in San Francisco. The settlement must still be approved by a judge.
Under the agreement, McKinsey would establish a fund to reimburse insurers, private benefit plans and others for some or all of their prescription opioid costs.
The insurers argued that McKinsey worked with Purdue Pharma – the maker of OxyContin – to create and employ aggressive marketing and sales tactics to overcome doctors’ reservations about the highly addictive drugs. Insurers said that forced them to pay for prescription opioids rather than safer, non-addictive and lower-cost drugs, including over-the-counter pain medication. They also had to pay for the opioid addiction treatment that followed.
From 1999 to 2021, nearly 280,000 people in the U.S. died from overdoses of prescription opioids, according to the U.S. Centers for Disease Control. Insurers argued that McKinsey worked with Purdue Pharma even after the extent of the opioid crisis was apparent.
The settlement is the latest in a years-long effort to hold McKinsey accountable for its role in the opioid epidemic. In February 2021, the company agreed to pay nearly $600 million to U.S. states, the District of Columbia and five U.S. territories. In September, the company announced a separate, $230 million settlement agreement with school districts and local governments.
Asked for comment Saturday, McKinsey referred to a statement it released in September.
“As we have stated previously, we continue to believe that our past work was lawful and deny allegations to the contrary,” the company said, adding that it reached a settlement to avoid protracted litigation.
McKinsey said it stopped advising clients on any opioid-related business in 2019.
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Consulting firm McKinsey agrees to $78 million settlement with insurers over opioids
By DEE-ANN DURBIN
30 Dec 2023
Consulting firm McKinsey and Co. has agreed to pay $78 million to settle claims from insurers and health care funds that its work with drug companies helped fuel an opioid addiction crisis.
The agreement was revealed late Friday in documents filed in federal court in San Francisco. The settlement must still be approved by a judge.
Under the agreement, McKinsey would establish a fund to reimburse insurers, private benefit plans and others for some or all of their prescription opioid costs.
The insurers argued that McKinsey worked with Purdue Pharma – the maker of OxyContin – to create and employ aggressive marketing and sales tactics to overcome doctors’ reservations about the highly addictive drugs. Insurers said that forced them to pay for prescription opioids rather than safer, non-addictive and lower-cost drugs, including over-the-counter pain medication. They also had to pay for the opioid addiction treatment that followed.
From 1999 to 2021, nearly 280,000 people in the U.S. died from overdoses of prescription opioids, according to the U.S. Centers for Disease Control. Insurers argued that McKinsey worked with Purdue Pharma even after the extent of the opioid crisis was apparent.
The settlement is the latest in a years-long effort to hold McKinsey accountable for its role in the opioid epidemic. In February 2021, the company agreed to pay nearly $600 million to U.S. states, the District of Columbia and five U.S. territories. In September, the company announced a separate, $230 million settlement agreement with school districts and local governments.
Asked for comment Saturday, McKinsey referred to a statement it released in September.
“As we have stated previously, we continue to believe that our past work was lawful and deny allegations to the contrary,” the company said, adding that it reached a settlement to avoid protracted litigation.
McKinsey said it stopped advising clients on any opioid-related business in 2019.
I wonder how much of this money will go to the families? They were the ones left w heartaches, not the insurers...
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you're finally here and I'm a mess................................................... nationwide arena columbus '10
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Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Supreme Court blocks controversial Purdue Pharma opioid settlement By David Ovalle and Justin Jouvenal June 27, 2024 at 12:55 ET A divided Supreme Court on Thursday blocked a controversial proposed Purdue Pharma bankruptcy plan that would have provided billions of dollars to help address the nation’s opioid crisis in exchange for protecting the family that owns the company from future lawsuits. The court ruled that U.S. bankruptcy code does not allow a court to shield the Sackler family, which owns the company and had agreed to pay up to $6 billion over 18 years as part of the plan, from future opioid lawsuits. Family members did not file for bankruptcy themselves. The ruling marks the latest chapter in the national reckoning over the role of drugmakers such as Purdue and other companies in igniting the epidemic of addiction and overdoses. The decision means states and other parties suing Purdue will restart negotiations. The ruling could also affect major settlements in other cases approved through bankruptcy courts. In a 5-4 decision that scrambled ideological lines on the Supreme Court, the majority found the plan was invalid because all the affected parties had not been consulted on the deal.
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you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Comments
WASHINGTON (AP) — The Supreme Court on Monday is hearing arguments over a nationwide settlement with OxyContin maker Purdue Pharma that would shield members of the Sackler family who own the company from civil lawsuits over the toll of opioids.
The agreement hammered out with state and local governments and victims would provide billions of dollars to combat the opioid epidemic. The Sacklers would contribute up to $6 billion and give up ownership, and the company would emerge from bankruptcy as a different entity, with its profits used for treatment and prevention.
But the justices put the settlement on hold during the summer, in response to objections from the Biden administration.
The issue for the justices is whether the legal shield that bankruptcy provides can be extended to people such as the Sacklers, who have not declared bankruptcy themselves. Lower courts have issued conflicting decisions over that issue, which also has implications for other major product liability lawsuits settled through the bankruptcy system.
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The U.S. Bankruptcy Trustee, an arm of the Justice Department, contends that the bankruptcy law does not permit protecting the Sackler family from being sued by people who are not part of the settlement. During the Trump administration, the government supported the settlement.
Proponents of the plan said third-party releases are sometimes necessary to forge an agreement, and federal law imposes no prohibition against them.
Lawyers for more than 60,000 victims who support the settlement called it “a watershed moment in the opioid crisis,” while recognizing that “no amount of money could fully compensate” victims for the damage caused by the misleading marketing of OxyContin, a powerful prescription painkiller.
A lawyer for a victim who opposes the settlement calls the provision dealing with the Sacklers "special protection for billionaires.”
OxyContin first hit the market in 1996, and Purdue Pharma’s aggressive marketing of it is often cited as a catalyst of the nationwide opioid epidemic, persuading doctors to prescribe painkillers with less regard for addiction dangers.
The drug and the Stamford, Connecticut-based company became synonymous with the crisis, even though the majority of pills being prescribed and used were generic drugs. Opioid-related overdose deaths have continued to climb, hitting 80,000 in recent years. Most of those are from fentanyl and other synthetic drugs.
The Purdue Pharma settlement would be among the largest reached by drug companies, wholesalers and pharmacies to resolve epidemic-related lawsuits filed by state, local and Native American tribal governments and others. Those settlements have totaled more than $50 billion.
But the Purdue Pharma settlement would be one of only two so far that include direct payments to victims from a $750 million pool. Payouts are expected to range from about $3,500 to $48,000.
Sackler family members no longer are on the company's board, and they have not received payouts from it since before Purdue Pharma entered bankruptcy. In the decade before that, though, they were paid more than $10 billion, about half of which family members said went to pay taxes.
A decision in Harrington v. Purdue Pharma, 22-859, is expected by early summer.
___
Follow the AP's coverage of the U.S. Supreme Court at https://apnews.com/hub/us-supreme-court.
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you're finally here and I'm a mess................................................... nationwide arena columbus '10
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WASHINGTON (AP) — The Treasury Department on Monday announced a new strike force to help combat illicit fentanyl trafficking as the U.S. and China step up efforts to stop the movement of the powerful opioid and drug-making materials into the U.S.
The Counter-Fentanyl Strike Force will bring together personnel and intelligence from throughout the Treasury Department — from its sanctions and intelligence arms to IRS Criminal Investigations — to more effectively collaborate on stopping the flow of drugs into the country.
The creation of the group is the beginning of the Biden administration's plan to redouble its efforts to stem the tide of illegal fentanyl after President Joe Biden and Chinese President Xi Jinping met in California in November. At the meeting, they announced that China is telling its chemical companies to curtail shipments of the materials used to produce fentanyl to Latin America.
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China has also resumed sharing information about suspected trafficking with an international database.
Mexico and China are the primary source countries for fentanyl and fentanyl-related substances trafficked directly into the U.S., according to the Drug Enforcement Administration. Nearly all the precursor chemicals that are needed to make fentanyl are coming from China.
Among other things, the Treasury task force will analyze the financial flows of trafficking organizations, especially those that rely on cryptocurrency to move funds; work with local law enforcement in areas hardest hit by the fentanyl epidemic and use financial institution records to detect transactions related to drug and human smuggling.
“Combating the flow of deadly fentanyl into communities across the United States is a top priority for President Biden as well as the Treasury Department,” Treasury Secretary Janet Yellen in a statement. She said the new group will "allow us to bring the department’s unrivaled expertise in fighting financial crime to bear against this deadly epidemic.”
"Treasury will use every tool at its disposal to disrupt the ability of drug traffickers to peddle this poison in our country.”
The Biden administration has taken a slew of actions against fentanyl traffickers — charging powerful traffickers with drug and money laundering offenses and announcing indictments and sanctions against Chinese companies and executives blamed for importing the chemicals used to make the dangerous drug.
Still, fentanyl is the deadliest drug in the U.S. today. The Centers for Disease Control and Prevention estimates that 71,000 people died from overdosing on synthetic opioids such as fentanyl in 2021, up from almost 58,000 in 2020.
The death toll is more than 10 times as many drug deaths as in 1988, at the height of the crack epidemic.
U.S. lawmakers have proposed a variety of measures to combat fentanyl's explosive use in the U.S.
Many of the GOP presidential candidates have said they would use military force against Mexico in response to the trafficking of fentanyl and other synthetic opioids.
And the leaders of the Senate Banking and Armed Services Committees, along with others, want to compel the Biden administration to declare international fentanyl trafficking a national emergency and pass legislation that would hold Treasury to reporting requirements and enable the president to confiscate sanctioned property of fentanyl traffickers to use for law enforcement efforts.
Treasury officials, including Brian Nelson, the department's undersecretary for terrorism and financial intelligence, have been traveling to the southern border this year to work with local authorities on quelling drug trafficking through sanctions efforts.
Nelson will co-chair the strike force with IRS Criminal Investigations Chief Jim Lee.
Nelson said the strike force "will act quickly and decisively with the top specialists from across the department to nimbly respond to the newest threats.”
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
By Robert Barnes and David Ovalle
December 04, 2023 at 13:59 ET
The Supreme Court on Monday seemed torn about both the merits and the legality of a proposed Purdue Pharma bankruptcy plan that would allocate billions of dollars to help ease the nation’s opioid crisis, but also shield the family that owns the company from future lawsuits.
Justices across the ideological spectrum asked tough questions of lawyers from the Justice Department, which opposes the deal, and attorneys for Purdue and the vast number of parties that have an interest in the outcome.
Those parties say unraveling the settlement plan would leave some victims with nothing.
“Forget a better deal — there is no other deal,” said Washington lawyer Pratik Shah, who represents the interests of states, hospitals, tribes, insurance companies, individual victims and other creditors who agreed to the settlement.
But Curtis E. Gannon, representing the Justice Department, said that claim already has been proven untrue. After some states and individuals objected to a previous version of the plan, he said, the Sackler family — which owns Purdue — ponied up more cash, increasing their contributions from more than $4 billion to about $6 billion, to be paid over nearly two decades.
Gannon said another settlement could be worked out that doesn’t necessarily involve releases or bankruptcy. “We do hope there is another deal at the end of this,” he said.
[See how deeply opioid pills flooded your U.S. community]
Purdue declared bankruptcy in 2019, as it faced thousands of lawsuits and allegations that the company helped fuel the opioid crisis by the marketing of its blockbuster painkiller OxyContin. But members of the Sackler family did not themselves file for bankruptcy.
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Consulting firm McKinsey and Co. has agreed to pay $78 million to settle claims from insurers and health care funds that its work with drug companies helped fuel an opioid addiction crisis.
The agreement was revealed late Friday in documents filed in federal court in San Francisco. The settlement must still be approved by a judge.
Under the agreement, McKinsey would establish a fund to reimburse insurers, private benefit plans and others for some or all of their prescription opioid costs.
The insurers argued that McKinsey worked with Purdue Pharma – the maker of OxyContin – to create and employ aggressive marketing and sales tactics to overcome doctors’ reservations about the highly addictive drugs. Insurers said that forced them to pay for prescription opioids rather than safer, non-addictive and lower-cost drugs, including over-the-counter pain medication. They also had to pay for the opioid addiction treatment that followed.
From 1999 to 2021, nearly 280,000 people in the U.S. died from overdoses of prescription opioids, according to the U.S. Centers for Disease Control. Insurers argued that McKinsey worked with Purdue Pharma even after the extent of the opioid crisis was apparent.
The settlement is the latest in a years-long effort to hold McKinsey accountable for its role in the opioid epidemic. In February 2021, the company agreed to pay nearly $600 million to U.S. states, the District of Columbia and five U.S. territories. In September, the company announced a separate, $230 million settlement agreement with school districts and local governments.
Asked for comment Saturday, McKinsey referred to a statement it released in September.
“As we have stated previously, we continue to believe that our past work was lawful and deny allegations to the contrary,” the company said, adding that it reached a settlement to avoid protracted litigation.
McKinsey said it stopped advising clients on any opioid-related business in 2019.
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you're finally here and I'm a mess................................................... nationwide arena columbus '10
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Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
By David Ovalle and Justin Jouvenal
June 27, 2024 at 12:55 ET
A divided Supreme Court on Thursday blocked a controversial proposed Purdue Pharma bankruptcy plan that would have provided billions of dollars to help address the nation’s opioid crisis in exchange for protecting the family that owns the company from future lawsuits.
The court ruled that U.S. bankruptcy code does not allow a court to shield the Sackler family, which owns the company and had agreed to pay up to $6 billion over 18 years as part of the plan, from future opioid lawsuits. Family members did not file for bankruptcy themselves.
The ruling marks the latest chapter in the national reckoning over the role of drugmakers such as Purdue and other companies in igniting the epidemic of addiction and overdoses. The decision means states and other parties suing Purdue will restart negotiations. The ruling could also affect major settlements in other cases approved through bankruptcy courts.
In a 5-4 decision that scrambled ideological lines on the Supreme Court, the majority found the plan was invalid because all the affected parties had not been consulted on the deal.
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14