'We need a release that's sufficient to get our goals accomplished,' Sackler said responding to the U.S. bankruptcy trustee's lawyer.
An heir to the Purdue Pharma and OxyContin fortune told a court on Tuesday that his family will not agree to a multi-billion-dollar legal settlement until they are given protection from all current and future lawsuits over the company's actions.
David Sackler's statement is the basis of the argument over the settlement plans of Purdue Pharma and the Sackler family.WHITE PLAINS, NEW YORK - AUGUST 9: Friends and family members of people who have died during the opioid epidemic protest against a bankruptcy deal with Purdue Pharmaceuticals that allows the Sackler family to avoid criminal prosecution and to keep billions of dollars in private wealth, on August 9, 2021 outside the Federal courthouse in White Plains, New York.
But a report commissioned by a group of state attorneys general said that because most of the payments come years from now, family members could use investment returns and interest to build even greater wealth while they make the payments. The family's collective wealth is estimated at nearly $11 billion, with much of that built on sales from OxyContin.
Family members have long taken a low profile in the business world but a public role in philanthropy. Amid protests over its role in the opioid business, it has seen its name removed in recent years from wings and galleries at institutions including the Louvre in Paris. New York's Metropolitan Museum of Art is reviewing the matter.
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Heir: Sacklers won't settle unless freed from opioid suitsMembers of the family that owns OxyContin maker Purdue Pharma won’t contribute billions of dollars to a legal settlement unless they get off the hook for all current and future lawsuits over the company’s activities, one of them told a court Tuesday in a rare public appearance.
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