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September 16, 2019

Purdue Pharma Files for Bankruptcy
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Purdue Pharma filed for bankruptcy Sunday after reaching a tentative
settlement last week with a number of state, local and tribal
governments over the company's role in fueling the U.S. opioid crisis.
Under the proposed deal, the Sackler family, which owns Purdue, would
personally pay $3 billion in cash, plus another $1.5 billion after the
pending sale of a subsidiary company is completed. Many plaintiffs have
opposed the deal, which would see the Sacklers remain billionaires and
admit to no wrongdoing.

New York Attorney General Letitia James has accused Purdue of
"lowballing victims" in the settlement, after revealing her office found
at least $1 billion in Sackler wire transfers, including through Swiss
bank accounts. New York is waiting on financial disclosures from an
additional 32 sources, which could further validate claims that the
Sacklers are shielding their extreme wealth in investments and foreign
institutions.


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