OxyContin maker to plead guilty to federal criminal charges, [indirectly “pay”] $8 billion, and will close the company
Twenty-five state attorneys general wrote to US Attorney General William Barr last week [mid-October] arguing against the plan to create a government-controlled company out of the assets of Purdue Pharma, arguing that the government should not be in the business of selling OxyContin.
The company doesn’t have $8 billion in cash available to pay the fines. So Purdue will be dissolved as part of the settlement, and its assets will be used to create a new “public benefit company” controlled by a trust or similar entity designed for the benefit of the American public. The Justice Department said it will function entirely in the public interest rather than to maximize profits.
Original Article (CNN):
OxyContin maker to plead guilty to federal criminal charges, pay $8 billion, and will close the company
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