One naive question - why are doctors who overperscribed opiates still allowed to practice medicine?
Purdue Pharma files for bankruptcy with $10B plan to settle claims
61–70 of 196 posts
Re: Purdue Pharma files for bankruptcy with $10B plan to settle claims
#62Earlier quoted context omitted.
Piercing the veil. This is not a lemonade stand going under. Here, "Liabilities" correspond to dead bodies. In the thousands.
What law permits this now; or are you proposing a new law? If so, how would it work?
https://www.law.cornell.edu/wex/piercing_the_corporate_veil
> "Piercing the corporate veil" refers to a situation in which courts put aside limited liability and hold a corporation's shareholders or directors personally liable for the corporation’s actions or debts.
Re: Purdue Pharma files for bankruptcy with $10B plan to settle claims
#63Earlier quoted context omitted.
They lied about the drugs which they actively marketed to doctors. That’s far more than just manufacturing and opened them up to significantly increased liability.
After 2001? The lying in marketing, over the period 1995-2001, was already litigated in 2007.
Yes, though they used intermediaries.
https://katherineclark.house.gov/_cache/files/a/a/aaa7536a-6...
Re: Purdue Pharma files for bankruptcy with $10B plan to settle claims
#64Re: Purdue Pharma files for bankruptcy with $10B plan to settle claims
#65Earlier quoted context omitted.
Luckily, this means the family will be pursued criminally. Bankruptcy doesn’t shed that.
Purdue is already convicted of a felony. You shouldn't be able to declare bankruptcy to dissolve damages from a felony and felony conviction of company should hold directors accountable for damages.
Bankruptcy exists as a safety net for failed capitalists.
Re: Purdue Pharma files for bankruptcy with $10B plan to settle claims
#66Earlier quoted context omitted.
People keep misreading this, or maybe just looking at the headline and getting the wrong impression. The news in that piece is that NY discovered the transfers at all. The transfers themselves are a decade old. The payments to the Sacklers from Purdue are from 2008-2016 but the lawsuits only date to 2018. All of this is in the article if you read it. I.e., no self-payments after lawsuits became material threat.
"Sackler was involved in 137 wire transfers totaling nearly $20 million, and some of those transfers occurred as recently as 2018, the filing indicates." Who's misreading what now?
mcbain's comment that I am replying to, https://news.ycombinator.com/item?id=20981242 , is referring to the NYTimes story on $1B in transfers.
Those substantial transfers ($1B) were a decade ago.
The sentence you quote does not appear in the NYTimes piece and is, in comparison, peanuts. I do not have access to the Bloomberg piece for full context, but the sentence you quote does not say the movements were self-payments from Purdue rather than just personal transfers between personal accounts. It also does not say all $20M was in 2018; there could be a $1k wire in 2018 for all we know from the single sentence.
Re: Purdue Pharma files for bankruptcy with $10B plan to settle claims
#67Re: Purdue Pharma files for bankruptcy with $10B plan to settle claims
#68If anyone doesn't know what's going on here exactly.
The Sackler Family – A Secretive Billion Dollar Opioid Empire - https://www.youtube.com/watch?v=zGcKURD_osM
Re: Purdue Pharma files for bankruptcy with $10B plan to settle claims
#69One naive question - why are doctors who overperscribed opiates still allowed to practice medicine?
A quick google search brings up multiple articles about doctors going to jail. Here’s one where the doc got 13 years for prescribing over 1 million units[1].
[1] https://www.dea.gov/press-releases/2019/05/13/pill-mill-doct...
Re: Purdue Pharma files for bankruptcy with $10B plan to settle claims
#70Earlier quoted context omitted.
Piercing the veil. This is not a lemonade stand going under. Here, "Liabilities" correspond to dead bodies. In the thousands.
What law permits this now; or are you proposing a new law? If so, how would it work?