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The 26 opposition states, including Massachusetts, New York, New Jersey, Connecticut, Pennsylvania, California, Illinois, New Mexico, Virginia, Delaware and North Carolina, are almost consistently those who sued the Sacklers, or are about to do so. at.
What remains to be determined is whether the Sacklers individuals who have been sued will benefit from the automatic stay of litigation that will likely be granted to their company.
In a statement, the Sackler family expressed "deep sympathy for the victims of the opioid crisis," concluding: "We hope that parties that are not yet in favor will eventually focus on the essential resources provided by the settlement. " to the people and the problems that need it. "
The 24 states that signed the agreement, including Tennessee, Florida, West Virginia, and Texas, as well as municipal plaintiffs in nearly 2,300 federal court cases, have said they want to money guaranteed a bankruptcy that seemed inevitable. They want to start attacking public funds for opioids, they say, and put an end to the litigation, which in itself is overwhelming. expensive.
The possibility of bankruptcy had been contemplated since at least the summer of 2018, when Purdue appointed Steve Miller, restructuring specialist, known by his nickname "Turnaround Kid", to chair his board of directors and hire the law firm Davis. , Polk & Wardwell, which has a large number of bankruptcies.
The repository comes just 48 hours after New York Attorney General Letitia James announced Friday afternoon that his office had discovered nearly $ 1 billion worth of telegraph transfers from Purdue to private accounts held by one of the Sackler. The discovery comes from one of 33 recent citations issued by the state to financial institutions and advisers who did business with the Sacklers.
The dismantling of a company to resolve a dispute is not unprecedented. The most representative example is the Manville Personal Injury Settlement Trust, created in 1988 following the restructuring of the bankruptcy of Johns Manville, an asbestos manufacturer, in 1982 to resolve hundreds of thousands of claims for mesothelioma and other lung diseases. Dow Corning, manufacturer of silicone breast implants, also sought to protect itself from bankruptcies in 1995 in order to solve thousands of lawsuits.
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