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The painkiller maker OxyContin said in a statement that bankruptcy was the next step in implementing the agreement to pay billions of dollars to tribal and local governments and governments who blame the giant pharmaceutical industry to have contributed to the opioid crisis.
The company has denied any wrongdoing.
"This court-supervised process is intended, among other things, to facilitate the orderly and fair resolution of all claims against Purdue, while preserving the value of Purdue's assets for those affected by the opioid crisis," the company said. a statement. statement, which also offers some details of the company's settlement proposal.
Once the bankruptcy returns are completed, the company estimates that it will bring in more than $ 10 billion in funding to deal with the opioid crisis, which will include settlements with 24 state attorneys general, officials from five territories and the dispute involving several districts, the statement said.
"This settlement framework avoids wasting hundreds of millions of dollars and years in protracted litigation, and will instead provide billions of dollars and vital resources to communities across the country that are struggling to cope with the opioid crisis. We will continue to work with state attorneys general and Complainants' representatives should finalize and implement this agreement as soon as possible, "said Steve Miller, chairman of Purdue's board of directors, in the statement.
The Sackler family, the company's owner, was negotiating for weeks to settle cases brought by more than 2,000 states, counties, municipalities and Native governments against Purdue Pharma and other opioid companies.
The proposed bylaw did not receive unanimous support, with many attorneys general opposing it and pledging to continue to fight against the corporation.
& # 39; A slap in the face & # 39;
Pennsylvania Attorney General Josh Shapiro said on Wednesday that the case was "far from over".
"This seeming arrangement is a slap for all those who have had to bury a loved one because of the destruction and greed of this family.It allows the Sackler family to ward off billionaires and admit it. no wrongdoing, "Shapiro said in a statement obtained by CNN.
The New York Attorney General's office is trying to figure out how much money the Sacklers have and where this money is.
Millions of dollars in wire transfers involving Mortimer D.A. Sackler, a former board member of Purdue, was discovered.
In a statement to CNN, Sackler said: "These decades-old transfers, which are perfectly legal and appropriate in every respect, are of no interest.
"This is a cynical attempt by a hostile enemy bureau to make the slanderous headline in an attempt to torpedo a win-win settlement, supported by many other states, and would allow billions of dollars to be paid to communities and people in the country needing help, "Sackler said.
Sackler participated in 137 wire transfers totaling nearly $ 20 million, and some of these transfers took place as recently as 2018, the document says.
He received a portion of these transfers, he redirected "a substantial part of this product" to two other entities owning real estate on his behalf, said the document.
According to the court document, Sackler transferred nearly $ 40 million to Central Eight Realty LLC, which owns a New York City townhouse on its behalf. Cherry Tree Holdings LLC, which owns a home in Amagansett, New York, has received a bank transfer of nearly $ 4 million.
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