A federal appeals court ruling, on Tuesday, cleared the way for billionaire owners of the Purdue Pharma group, the Sacklers' settlement of all civil legal claims over playing a part in the company’s prescription opioids business.

The court ruling provides the owners of the company with the comprehensive shield that it has been requesting for years.

The family will have to pay up to $6 billion as a settlement amount to resolve accusations that OxyContin maker and its owners were behind the tainted US&nbsp;opioid epidemic and to deal with the unremitting ravages of the opioid crisis.

According to legal experts, the new ruling will close the doors on Purdue’s fiercely contested bankruptcy restructuring, which started nearly four years ago.&nbsp;

As per a New York Times report, Purdue Pharma would be revamped into a new commodity, named Knoa Pharma, which will make medicines for addiction reversal and treatment and will also continue to produce other drugs, including OxyContin.

“It’s time to put this bankruptcy behind us. Victims have been waiting for too long to recover,” New York Times quoted Ryan Hampton, an advocate for opioid victims who served as the co-chairman of the Purdue creditor’s committee, as saying.

He added: “The system is far from perfect, but the true injustice will be if this victims’ settlement is held up any longer.”

But others said the Sacklers had received a significant pass. “Bankruptcy was not meant to be an alternative justice system for powerful corporations and their superrich owners. But that is the effect and perception when courts read the law to provide extraordinary protections well beyond what Congress authorized,” said Melissa B. Jacoby, a law professor at the University of North Carolina at Chapel Hill.

Judge Eunice C. Lee of the United States Court of Appeals for the Second Circuit found that the bankruptcy code allows corporate owners, who haven’t filed for personal bankruptcy, to receive liability protection under certain circumstances.

“Bankruptcy is inherently a creature of competing interests, compromises, and less than perfect outcomes,” she wrote. “Because of these defining characteristics, total satisfaction of all that is owed, whether in money or in justice, rarely occurs.”

<h2>Purdue calls the decision 'a victory'</h2>

After the ruling was issued, Pudue released a statement calling the decision “a victory for Purdue’s creditors, including the states, local governments and victims who overwhelmingly support the plan of reorganization.”

“Our focus going forward is to deliver billions of dollars of value for victim compensation, opioid crisis abatement and overdose rescue medicines,” the statement continued. “Our creditors understand the plan is the best option to help those who need it most, the fairest and expeditious way to resolve the litigation and the only way to deliver billions of dollars in value specifically to fund opioid crisis abatement efforts.”

The families issued a joint statement saying, “The Sackler families believe the long-awaited implementation of this resolution is critical to providing substantial resources for people and communities in need. We are pleased with the Court’s decision to allow the agreement to move forward and look forward to it taking effect as soon as possible.”

(With inputs from agencies)&nbsp;

&nbsp;

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A federal appeals court ruling, on Tuesday, cleared the way for billionaire owners of the Purdue Pharma group, the Sacklers' settlement of all civil legal claims over playing a part in the company’s prescription opioids business.

A federal appeals court ruling, on Tuesday, cleared the way for billionaire owners of the Purdue Pharma group, the Sacklers' settlement of all civil legal claims over playing a part in the company’s prescription opioids business. The court ruling provides the owners of the company with the comprehensive shield that it has been requesting for years. The family will have to pay up to $6 billion as a settlement amount to resolve accusations that OxyContin maker and its owners were behind the tainted US opioid epidemic and to deal with the unremitting ravages of the opioid crisis. According to legal experts, the new ruling will close the doors on Purdue’s fiercely contested bankruptcy restructuring, which started nearly four years ago. As per a New York Times report, Purdue Pharma would be revamped into a new commodity, named Knoa Pharma, which will make medicines for addiction reversal and treatment and will also continue to produce other drugs, including OxyContin. “It’s time to put this bankruptcy behind us. Victims have been waiting for too long to recover,” New York Times quoted Ryan Hampton, an advocate for opioid victims who served as the co-chairman of the Purdue creditor’s committee, as saying. He added: “The system is far from perfect, but the true injustice will be if this victims’ settlement is held up any longer.” But others said the Sacklers had received a significant pass. “Bankruptcy was not meant to be an alternative justice system for powerful corporations and their superrich owners. But that is the effect and perception when courts read the law to provide extraordinary protections well beyond what Congress authorized,” said Melissa B. Jacoby, a law professor at the University of North Carolina at Chapel Hill. Judge Eunice C. Lee of the United States Court of Appeals for the Second Circuit found that the bankruptcy code allows corporate owners, who haven’t filed for personal bankruptcy, to receive liability protection under certain circumstances. “Bankruptcy is inherently a creature of competing interests, compromises, and less than perfect outcomes,” she wrote. “Because of these defining characteristics, total satisfaction of all that is owed, whether in money or in justice, rarely occurs.” Purdue calls the decision 'a victory' After the ruling was issued, Pudue released a statement calling the decision “a victory for Purdue’s creditors, including the states, local governments and victims who overwhelmingly support the plan of reorganization.” “Our focus going forward is to deliver billions of dollars of value for victim compensation, opioid crisis abatement and overdose rescue medicines,” the statement continued. “Our creditors understand the plan is the best option to help those who need it most, the fairest and expeditious way to resolve the litigation and the only way to deliver billions of dollars in value specifically to fund opioid crisis abatement efforts.” The families issued a joint statement saying, “The Sackler families believe the long-awaited implementation of this resolution is critical to providing substantial resources for people and communities in need. We are pleased with the Court’s decision to allow the agreement to move forward and look forward to it taking effect as soon as possible.” (With inputs from agencies) WATCH WION LIVE HERE

Purdue Pharma's Sackler family to receive full immunity from opioid lawsuits, court rules

The University of Oxford has decided to remove the Sackler name from its buildings and staff posts following an investigation of its relations with the Sackler family.&nbsp;The move is in line with several other institutions of severing ties with the Sackler family in recent years due to their involvement in the US opioid crisis.

Following the investigation, the Sackler Library in Oxford, as well as some galleries and staff positions at the city's Ashmolean Museum, will be renamed.

Controversy has plagued the Sacklers due to their ties to Purdue Pharma, which manufactures OxyContin, a medication that has been at the centre of many litigation linked to the US opioid crisis, reported the BBC.

The institution stated that gifts from the Sackler family and their trusts will be "retained by the university for their intended educational purposes."

It further said that no fresh donations have been received from the family or their trusts since January 2019.

The Sackler name will be removed from six university buildings, spaces, and staff positions, although it will remain on the Clarendon Arch and the Ashmolean Museum's donor board for "the purposes of historical recording" of donations.

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According to a statement on the university's website, "Oxford University has undertaken a review of its relationship with the Sackler family and their trusts, including the way their benefactions to the University are recognised."

“Following this review, the university has decided that the university buildings, spaces and staff positions using the Sackler name will no longer do so,” it added.&nbsp;

On Monday, the university council adopted the review findings.

<h2>Sackler name tarnished</h2>

For many years, the Sackler name was linked with massive charitable donations&nbsp;given by the family to galleries and museums all around the world.

In recent years, the institution has been under pressure to remove the Sackler name from one of its libraries, two galleries, and many staff posts.

The Sackler name was omitted from "galleries, rooms, and endowments they supported" by the British Museum in March 2022.

The National Portrait Gallery, Tate, and the Roundhouse are among the UK entities that have discontinued ties&nbsp;with the Sacklers in recent years.

ALSO WATCH |&nbsp;India to help Greece reclaim artefacts from UK | Zelensky meets UK PM Rishi Sunak

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Internationally, places such as the Louvre in Paris and New York's Metropolitan Museum of Art have distanced themselves from the Sackler family too.

The Sackler Library has been renamed the Bodleian Art, Archaeology, and Ancient World Library as part of the university's decision.

As per a statement issued by the University of Oxford, "the review outcomes have had the full support of the Sackler family."

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The University of Oxford has decided to remove the Sackler name from its buildings and staff posts following an investigation of its relations with the Sackler family.

The University of Oxford has decided to remove the Sackler name from its buildings and staff posts following an investigation of its relations with the Sackler family. The move is in line with several other institutions of severing ties with the Sackler family in recent years due to their involvement in the US opioid crisis. Following the investigation, the Sackler Library in Oxford, as well as some galleries and staff positions at the city's Ashmolean Museum, will be renamed. Controversy has plagued the Sacklers due to their ties to Purdue Pharma, which manufactures OxyContin, a medication that has been at the centre of many litigation linked to the US opioid crisis, reported the BBC. The institution stated that gifts from the Sackler family and their trusts will be "retained by the university for their intended educational purposes." It further said that no fresh donations have been received from the family or their trusts since January 2019. The Sackler name will be removed from six university buildings, spaces, and staff positions, although it will remain on the Clarendon Arch and the Ashmolean Museum's donor board for "the purposes of historical recording" of donations. ALSO READ | India-UK automobile trade likely to get a big boost. Here's why According to a statement on the university's website, "Oxford University has undertaken a review of its relationship with the Sackler family and their trusts, including the way their benefactions to the University are recognised." “Following this review, the university has decided that the university buildings, spaces and staff positions using the Sackler name will no longer do so,” it added. On Monday, the university council adopted the review findings. Sackler name tarnished For many years, the Sackler name was linked with massive charitable donations given by the family to galleries and museums all around the world. In recent years, the institution has been under pressure to remove the Sackler name from one of its libraries, two galleries, and many staff posts. The Sackler name was omitted from "galleries, rooms, and endowments they supported" by the British Museum in March 2022. The National Portrait Gallery, Tate, and the Roundhouse are among the UK entities that have discontinued ties with the Sacklers in recent years. ALSO WATCH | India to help Greece reclaim artefacts from UK | Zelensky meets UK PM Rishi Sunak Internationally, places such as the Louvre in Paris and New York's Metropolitan Museum of Art have distanced themselves from the Sackler family too. The Sackler Library has been renamed the Bodleian Art, Archaeology, and Ancient World Library as part of the university's decision. As per a statement issued by the University of Oxford, "the review outcomes have had the full support of the Sackler family." WATCH WION LIVE HERE:

University of Oxford cuts ties with Sackler family, removes name from buildings, staff posts

Purdue Pharma, the maker of OxyContin, has agreed to plead guilty to criminal charges related to its marketing of the addictive painkiller and faces penalties of roughly $8.3 billion, the Justice Department announced Wednesday. The settlement could pave the way for a resolution of thousands of lawsuits brought against the company for its role in a public health crisis that has killed more than 450,000 Americans since 1999.

The company’s owners, members of the wealthy Sackler family, have agreed to pay $225 million in civil penalties. Prosecutors said the agreement did not preclude the filing of criminal charges against Purdue executives or individual Sacklers.

In a statement issued after the announcement of the deal, Steve Miller, chair of the company board, said, “Purdue deeply regrets and accepts responsibility for the misconduct detailed by the Department of Justice in the agreed statement of facts.”

OxyContin, which came on the market in the mid-90s, is seen as an early, ferocious driver of the opioid epidemic; and Purdue is regarded as the architect of muscular, misleading drug marketing.

But it is unlikely the company will pay anything close to the $8.3 billion negotiated in the settlement deal. That is because Purdue sought bankruptcy court protection amid the onslaught of lawsuits, so the federal government will now have to take its place in a long line of creditors. Typically, creditors end up collecting pennies on the dollar in bankruptcy proceedings.

Purdue has long demanded that the federal charges against it be resolved before it would agree to a larger settlement with cities, tribes, states and individuals, who claim that its relentless marketing of OxyContin directly contributed to a crisis of addiction and overdoses, resulting in towering costs in health care, law enforcement and unemployment.

In the federal settlement, the company agreed to plead guilty to felony charges of defrauding federal health agencies and violating anti-kickback laws.

The penalties include $3.54 billion in criminal fines and $2 billion in criminal forfeiture of profits, the largest penalties ever levied against a pharmaceutical manufacturer. The company pleaded guilty to marketing opioids to more than 100 doctors it suspected of writing illegal prescriptions and lying about this to the federal Drug Enforcement Administration. Purdue also pleaded guilty to paying illegal kickbacks to doctors and to an electronic health records company, Practice Fusion.

Purdue Pharma, the maker of OxyContin, has agreed to plead guilty to criminal charges related to its marketing of the addictive painkiller and faces penalties of roughly $8.

Purdue Pharma, the maker of OxyContin, has agreed to plead guilty to criminal charges related to its marketing of the addictive painkiller and faces penalties of roughly $8.3 billion, the Justice Department announced Wednesday. The settlement could pave the way for a resolution of thousands of lawsuits brought against the company for its role in a public health crisis that has killed more than 450,000 Americans since 1999. The company’s owners, members of the wealthy Sackler family, have agreed to pay $225 million in civil penalties. Prosecutors said the agreement did not preclude the filing of criminal charges against Purdue executives or individual Sacklers. In a statement issued after the announcement of the deal, Steve Miller, chair of the company board, said, “Purdue deeply regrets and accepts responsibility for the misconduct detailed by the Department of Justice in the agreed statement of facts.” OxyContin, which came on the market in the mid-90s, is seen as an early, ferocious driver of the opioid epidemic; and Purdue is regarded as the architect of muscular, misleading drug marketing. But it is unlikely the company will pay anything close to the $8.3 billion negotiated in the settlement deal. That is because Purdue sought bankruptcy court protection amid the onslaught of lawsuits, so the federal government will now have to take its place in a long line of creditors. Typically, creditors end up collecting pennies on the dollar in bankruptcy proceedings. Purdue has long demanded that the federal charges against it be resolved before it would agree to a larger settlement with cities, tribes, states and individuals, who claim that its relentless marketing of OxyContin directly contributed to a crisis of addiction and overdoses, resulting in towering costs in health care, law enforcement and unemployment. In the federal settlement, the company agreed to plead guilty to felony charges of defrauding federal health agencies and violating anti-kickback laws. The penalties include $3.54 billion in criminal fines and $2 billion in criminal forfeiture of profits, the largest penalties ever levied against a pharmaceutical manufacturer. The company pleaded guilty to marketing opioids to more than 100 doctors it suspected of writing illegal prescriptions and lying about this to the federal Drug Enforcement Administration. Purdue also pleaded guilty to paying illegal kickbacks to doctors and to an electronic health records company, Practice Fusion.

Purdue Pharma pleads guilty to criminal charges for opioid sales

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Purdue Pharma's Sackler family to receive full immunity from opioid lawsuits, court rules

University of Oxford cuts ties with Sackler family, removes name from buildings, staff posts

Purdue Pharma pleads guilty to criminal charges for opioid sales