Hints and tips:
...Legal scholars have debated whether releases have become too common as companies or organisations facing a pile of “tort” lawsuits over defective products or corporate malfeasance file for bankruptcy in...
...Remember, the Purdue victims approved the plan with the releases because it enabled a meaningful recovery on a relatively short timeline....
...Lawyers for Purdue warned that without such a settlement, years of litigation would delay payments to victims and shrink the available pot....
...The same issue features in several “mass tort” product liability bankruptcy cases involving the likes of 3M and Johnson & Johnson....
...Big companies including Purdue Pharma, Johnson & Johnson and 3M have used the US bankruptcy system as a way to limit their exposure to compensation claims....
...Judges have pushed back on “mass tort” bankruptcies involving 3M and Purdue Pharma....
...Increasingly it is the place to resolve product liability fights too. The group says it has a deal in place in which senior creditors would exchange $6bn in claims for assets of the company....
...The new agreement must be approved by Judge Robert Drain, who is overseeing the Purdue bankruptcy....
...The court-supervised restructuring was used to halt lawsuits against Purdue and the Sacklers in order to facilitate a global settlement....
...McKinsey said its work with the FDA focused on administrative and operational issues, not advice on regulatory decisions or specific pharmaceutical products such as opioids....
...Settlements either in product liability cases or where private equity firms faced allegations of asset-stripping have often been reached where money contributed to creditor recoveries was exchanged for the...
...She points to the case of Purdue Pharma, the pharmaceutical company controlled by certain members of the philanthropic Sackler family criticised for its part in the US opioid painkiller crisis....
...Other pharmaceutical companies have also faced litigation and had to pay for their role in the crisis. In July, Johnson & Johnson agreed a $230m settlement with New York state....
...The practice of exchanging money for a prohibition on future legal claims has been popular in product liability bankruptcies, as well as in cases where private equity firms have been accused of asset stripping...
...Purdue has already paid out billions in the OxyContin scandal....
...Thousands of lawsuits have been brought against pharmaceutical companies and distributors in the US, which are accused of mis-marketing highly addictive painkillers and contributing to a crisis that has...
...Lake Nona Fund / LN Sports & Health Tech Fund I, LP . . . Exponent Founders Capital I, LP . . . SH Fund, LP . . . Curated [chef recommends] . . . Race Capital II, LP . . ....
...At the very start of the drama Dopesick, we hear the fictionalised voice of the pharmaceutical billionaire Richard Sackler....
...In faithfully fictionalising real people, in imagining the circumstances by which this lethal product came about, the series perhaps comes closer to a sense of the real toll of the epidemic than a fact-laden...
...as a major shareholder of Valeant Pharmaceuticals....
...The consultancy last year agreed to pay almost $574mn to settle claims brought by US states alleging that McKinsey’s advice to pharmaceutical companies, including Purdue Pharma, contributed to America’s...
...Its biggest product by far was OxyContin, which instead of morphine contained oxycodone, a more potent opioid....
...The Sackler family members who own the maker of the powerful opioid OxyContin will also promise to end involvement in the pharmaceuticals industry as part of the settlement....
...It is unclear if the NHS receives any proceeds from its valuable data sets being used to develop commercial products....
...In October 2020, Purdue Pharma agreed to a more than $8bn criminal and civil settlement with the US Department of Justice....
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