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Breaking News: Purdue Pharma Files for Bankruptcy

Purdue Pharma filed for Chapter 11 bankruptcy in New York Sunday ending settlements talks with over 20 states.

About the Bankruptcy Filings

The maker of the painkiller OxyContin said in a statement, “this court-supervised process is intended to, among other things, facilitate an orderly and equitable resolution of all claims against Purdue, while preserving the value of Purdue’s assets for the benefit of those impacted by the opioid crisis.”

The news of bankruptcy filings follows an announcement in a court filing on Friday by the New York Attorney General’s office that it had found at least $1 billion in wire transfers by the Sackler family, Purdue Pharma. Thus, further fueling suspicions they are attempting to hide assets from plaintiffs who feel they have contributed to the opioid crisis in America.

New York Attorney General Letitia James subpoenaed 33 different financial institutions regarding the Sackler family holdings and wealth in advance of news that Purdue Pharma may file for bankruptcy.

AG Says Sacklers ‘Lowballing’ Victims

In a statement, James said the following: “While the Sacklers continue to lowball victims and skirt a responsible settlement, we refuse to allow the family to misuse the courts in an effort to shield their financial misconduct. The limited number of documents provided to us so far underscore the necessity for compliance with every subpoena.”

According to the court filing, some of the Sackler transfers were were sent through Swiss banks, including $64 million wire sent to Mortimer Sackler from an account “in the Bailiwick of Guernsey, in the Channel Islands.”

Sackler’s Maintain No-Fault Stance

Sackler challenges the AG’s assertion and filings saying in a statement: “This is a cynical attempt by a hostile AG’s office to generate defamatory headlines to try to torpedo a mutually beneficial settlement that is supported by so many other states and would result in billions of dollars going to communities and individuals across the country that need help.”

We will keep you updated as this story progresses.

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About the Author: Aisha K. Staggers is a writer, lecturer, political analyst and literary agent. She appears almost weekly for “Staggers State of Things” on the Dr. Vibe Show. Her work has been published by Paper Magazine, AfroPunk, The Spool, GREY Journal, MTV News, HuffPost, Blavity, Atlanta Blackstar, For Harriet, New York Review of Books and a host of other first-run publications and syndicated outlets. Find her on Twitter @AishaStaggers. For more of her work, check out her page here!

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