Getting Off The Opioid Hook
“The maker of OxyContin, Purdue Pharma, and its owners, the Sackler family, are offering to settle more than 2,000 lawsuits against the company for $10 billion to $12 billion. The potential deal was part of confidential conversations and discussed by Purdue’s lawyers at a meeting in Cleveland last Tuesday, Aug. 20, according to two people familiar with the mediation.
The states have brought their cases separately. But the Purdue settlement deal was presented as a global deal for all plaintiffs, including the states, according to people familiar with the potential deal.”
“A White House analysis in 2017 estimated the cost of the opioid epidemic at $504 billion in 2015. Unlike previous reports, the White House Council of Economic Advisers looked at not only direct costs like health care expenses and lost potential earnings from work, but also the full value of all the activities that people could contribute to if they didn’t die prematurely. That gave the White House a much broader — and much higher — estimate of total costs.
In light of the 500 million dollar verdict against Johnson and Johnson, whose stock price ROSE after news of the verdict, 10/12 billion is, a drop in the bucket, a mere bag of shells compared to the degree and magnitude of the potential liability posed by 2000 cases…”
Purdue Pharma has earned more than $35 billion from the sale of OxyContin.
A 10/12 billion dollar ‘global’ settlement, approximately 1/3 of their earnings, would make getting off the opioid hook they created relatively inexpensive for Purdue, to say the least.
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