Purdue Pharma “deeply regrets and accepts responsibility” for its wrongdoing
Steve Miller, Purdue Pharma’s chairman of the board, said in a statement that the company “deeply regrets and accepts responsibility for the misconduct detailed by the Department of Justice.”
Purdue Pharma filed for bankruptcy last year as it faces thousands of civil lawsuits. As part of the deal, the company would transition to a public benefit company owned by a trust or similar entity.
Under a separate settlement, the Sackler family, which controls Purdue Pharma, agreed to pay $225 million to resolve False Claims Act civil liability. It also resolves the government’s allegations that Purdue Pharma fraudulently transferred assets into the Sackler family holding companies and trusts.
Purdue Pharma’s settlement with the DOJ does not resolve the claims that states filed against the company and/or the Sackler family. It also does not hinder the debtors’ ability to recover any fraudulent transfers of assets.
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