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https://www.bbc.com/news/business-49711618
In the face of thousands of lawsuits about the alleging abusive practices contributing to the opioid crisis in the US, Purdue Pharma (makers of OxiCotin) are filing Chapter 11 Bankruptcy protection. If the courts agree, this would allow them to restructure their debts and continue operations.
"Under the terms of the [proposed] deal, Purdue is to be dissolved and the money raised - estimated to be about $10bn-$12bn (£8bn-£9.7bn), including a minimum cash contribution of $3bn from the Sackler family - will go towards settling the lawsuits. The Sacklers have also offered an additional $1.5bn from the eventual sale of Mundipharma, another pharmaceutical firm owned by the family.
Several of the states that oppose the deal, such as New York, Connecticut and Massachusetts, have questioned how Purdue came up with the contribution figure.
The states want the Sackler family to put in more of its own money into the deal."
Note: Bankruptcy is not what regular people think it is. Similar to the "kill" command in Unix/Linux, there are lots of versions which may or may not do what people think. As an example, see: https://www.credit.com/debt/filing-for-bankruptcy-difference-between-chapters-7-11-13/
(Score: 3, Informative) by PartTimeZombie on Monday September 16 2019, @11:36PM (7 children)
Unfortunately that is not how the world works.
The Sackler family are doing everything they can to hide as much as they can [theguardian.com] before the courts can get hold of it.
Will any of that money be recovered? I don't think so.
That is why the Swiss banking system is still allowed to exist. Rich people need to keep money secret.
(Score: 1) by NickM on Tuesday September 17 2019, @12:11AM (3 children)
<tinfoil>
The recent mysterious 1 billion usd worth of btc trx to an unknown wallet is starting to make sense
</tinfoil>
I a master of typographic, grammatical and miscellaneous errors !
(Score: 2) by PartTimeZombie on Tuesday September 17 2019, @12:48AM (2 children)
Nice! I love a good conspiracy theory.
(Score: 2) by Azuma Hazuki on Tuesday September 17 2019, @02:41AM (1 child)
You know, at this point nothing like that would surprise me. We've long since jumped the shark, have gone from the sublime straight past the ridiculous and are screaming headlong down the abyss of Dadaist absurdity.
I am "that girl" your mother warned you about...
(Score: 3, Informative) by c0lo on Tuesday September 17 2019, @03:16AM
Pardon me, "de gustibus".
I happen to find the Dadaist absurdity a sublime ancestor. I mean, it grandfathered something I imagine you('d) like [wikipedia.org]
https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
(Score: 2) by c0lo on Tuesday September 17 2019, @12:13AM (1 child)
Update what you know about banking secrecy.
Start with the Common Reporting Standard [wikipedia.org] ("Its purpose is to combat tax evasion"). Note that Switzerland started to report in 2018 [wikipedia.org].
In brief, Switzerland will no longer protect your data from an investigation involving financial crimes (note: the Purdue/Sackler family case may not fall into this category).
If you want to see how the Switzerland bank secrecy evolved over time, read the Financial Secrecy Index'es Narrative report on Switzerland(PDF warning) [financialsecrecyindex.com].
https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
(Score: 2) by PartTimeZombie on Tuesday September 17 2019, @12:59AM
That was an interesting read, but the Common Reporting Standard still clashes with the Swiss Federal Act on Banks and Savings Banks:
This Wikipedia article is full of quote like that. [wikipedia.org]
Disclosing banking information is illegal in Switzerland, and that is not a new thing.
If the Sackler family is sending money there, they have a very good reason to.
(Score: 0) by Anonymous Coward on Tuesday September 17 2019, @01:41AM
Seems we're left with the problem of power. Guillotines would be sufficient During their last 20 seconds of life as a blinking head, they will contemplate their choices (as they always urge us little people to).