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OxyContin maker Purdue Pharma reportedly exploring bankruptcy
OxyContin maker Purdue Pharma is exploring filing for bankruptcy to address potentially significant liabilities from thousands of lawsuits alleging the drug manufacturer contributed to the deadly opioid crisis sweeping the United States, people familiar with the matter said on Monday.
The deliberations show how Purdue and its wealthy owners, the Sackler family, are under pressure to respond to mounting litigation accusing the pharmaceutical company of misleading doctors and patients about risks associated with prolonged use of its prescription opioids.
Purdue denies the allegations, arguing that the U.S. Food and Drug Administration-approved labels for its opioids carried warnings about the risk of abuse and misuse associated with the drugs.
Filing for Chapter 11 protection would halt the lawsuits and allow the drug maker to negotiate legal claims with plaintiffs under the supervision of a U.S. bankruptcy judge, the sources said.
No "Big Tobacco" moment for Purdue Pharma. Cut and run.
Previously: City of Everett, Washington Sues OxyContin Maker Purdue Pharma
OxyContin's 12-Hour Problem
South Carolina Sues OxyContin Maker Purdue
Tens or Hundreds of Billions of Dollars Needed to Combat Opioid Crisis?
Purdue Pharma to Cut Sales Force, Stop Marketing Opioids to Doctors
Colorado Attorney General Sues Purdue Pharma
Related: The Dutch Supply Heroin Addicts With Dope and Get Better Results Than USA
U.S. Opioid Deaths May be Plateauing
(Score: 2, Insightful) by Runaway1956 on Monday March 04 2019, @08:43PM (14 children)
I have to disagree. The two parties offer the same possibility of holding the Sacklers responsible, which is zero. Both parties were holding their hands out to the corporations at election time, and corporations are happy to contribute to both parties. The only real chance of change, are third parties winning more than one or two seats at the hog trough.
(Score: 5, Informative) by julian on Monday March 04 2019, @08:53PM (13 children)
HR1. Who is spearheading that? Who is obstructing it? Democrats are far from perfect, but the difference is night and day for anyone with a modicum of moral clarity. HR1 is a sweeping anti-corruption bill, and the GOP is against it. Just repeat that to yourself over and over until you understand. It includes the following campaign finance reforms among its many improvements to our democracy:
So if you're against an act which does those things, then admit you don't actually care about corrupt funding practices. The only reason for not supporting HR1 and the Party backing it is because you are pro-corruption.
(Score: 3, Informative) by bob_super on Monday March 04 2019, @09:38PM (10 children)
Let's be clear that one party can put whatever they feel looks good (whether they actually practice what they preach or not), in a bill that they know has exactly 0 chance to pass.
(Score: 3, Informative) by julian on Monday March 04 2019, @10:25PM (7 children)
Absent any reason to believe otherwise, I'm going to operate under the assumption that these efforts are sincere. Democrats tried and succeeded in passing sweeping health care reform that, though flawed, did improve a lot of things. Instead of working to improve it, conservatives have been picking away at it for years and years. So they are more than capable of planning big legislation that takes years to gain support for. This is the next big project, along with the Green New Deal.
And if you want to talk about absurd insincerity, Mitch McConnell holds the all-time record when he filibustered himself [washingtonpost.com] after Democrats agreed to vote on a proposal that he submitted in bad faith.
(Score: 2, Informative) by fustakrakich on Monday March 04 2019, @10:53PM (2 children)
I'm going to operate under the assumption that these efforts are sincere.
Their game has a name: Villain Rotation [salon.com]
La politica e i criminali sono la stessa cosa..
(Score: -1, Troll) by julian on Monday March 04 2019, @11:09PM (1 child)
I don't even need to read past the byline. Greenwald is a troll propagandist for the tribe of far-leftists and anarchists who hate the West so much they'll side with the enemies of America out of political expediency. They are so far out on the fringe they can no longer see a difference between mainstream Democrats and Republicans. I have no use for someone with such an impoverished perspective on American politics, or history.
(Score: 3, Insightful) by fustakrakich on Monday March 04 2019, @11:16PM
Troll or not, this is what the party practices.
far-leftists and anarchists who hate the West
Ah, okaaay! Now we know where you're comin' from, sorry for not noticing... thankyoueverymuch :-)
La politica e i criminali sono la stessa cosa..
(Score: 0) by Anonymous Coward on Tuesday March 05 2019, @04:04PM (3 children)
You mean that evil healthcare mandate/tax that made my premiums go up 150% each and every year since it passed?
Even though I am in the 85% at most, no where near the 1%.
Yeah, "flawed" is an understatement and "improved a lot of things" a bald faced lie.
(Score: 2) by julian on Tuesday March 05 2019, @11:02PM
I mean the health care law that allowed my brother to get medical insurance, and thus care, for the first time in his adult life and discover a heart condition which might have killed him later. You're not the only person in this country. The ACA helped many people, and while I am sorry that it did not work to your benefit, your solipsism is deeply unproductive in addition to un-American. By chance do you happen to live in a state controlled by the aforementioned pro-corruption party? The Republicans deliberately sabotaged the ACA in their states where they controlled the governorship and legislature, inflicting pain on their own citizens in order to spite Obama.
Your anger is justified but misplaced. The Republicans and right-wing Democrats are the ones you should be mad at. The problem with the ACA was it did not go far enough, but maybe we will get universal health care one day. If we do, it won't be the pro-corruption party that we will have to thank for it.
(Score: 2) by bob_super on Wednesday March 06 2019, @06:59AM (1 child)
How much would those premiums have gone up without the ACA excuse ?
Forecasts were dire enough that the insurance companies agreed to some changes.
I still don't get how they let the individual mandate get cancelled without a lobbying fight.
(Score: 1) by fustakrakich on Wednesday March 06 2019, @04:39PM
I still don't get how they let the individual mandate get cancelled without a lobbying fight.
The conflict of interest was too powerful to cover up. ACA was a republican plan all along. They too, needed the mandate to sell the windfall to the "moderate" democrats that didn't like the actually good parts of the bill. And then the repeal of the mandates bought some votes from the fan base.
La politica e i criminali sono la stessa cosa..
(Score: 3, Informative) by DeathMonkey on Monday March 04 2019, @10:34PM (1 child)
The only reason it won't pass is due to the Pro-Corruption party.
Why do you defend the Pro-Corruption party?
(Score: 1, Insightful) by Anonymous Coward on Wednesday March 06 2019, @04:56PM
Pro-Corruption party
Is there another kind? On the ballot? I mean, there is, kinda, but they only get around one or two percent of the vote. The Pro-Corruption party gets the rest, sharing the power the same way used car dealers shuffle their inventory. The Pro-Corruption party only thrives because of Pro-Corruption voters that want a piece of the action. They make the Pro-Corruption party the only viable option, and they will tell you so! "Third party vote is a wasted vote". They couldn't be more obvious!
(Score: 2, Insightful) by Anonymous Coward on Tuesday March 05 2019, @12:00AM
Without seeing everything else in the bill, listing a few things it has is insufficient to draw any conclusion about it.
Too many bills contain some good stuff and an endless stream of riders adding all kinds of unrelated nonsense.
(Score: 1) by fustakrakich on Tuesday March 05 2019, @04:17AM
The only reason for not supporting HR1 and the Party backing it is because you are pro-corruption.
Oh brother! So melodramatic! Now we're demanding party loyalty, eh? I wonder who's modding that stuff up.
La politica e i criminali sono la stessa cosa..