Oxycodone Maker Purdue Pharma Reaches $8.3 Billion Opioid Deal With DOJ

About This Source - Bloomberg QuickTake: Now

Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City.

It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.

Recent from Bloomberg QuickTake: Now:

  • Michigan Certifies Biden’s Victory Despite Trump’s Effort to Overturn Results
  • LIVE: Georgia Officials Hold News Conference on 2020 Election Count
  • LIVE: China Launches Chang’e 5 Mission to the Moon to Collect Lunar Samples
  • Bloomberg QuickTake: Now published this video item, entitled “Oxycodone Maker Purdue Pharma Reaches $8.3 Billion Opioid Deal With DOJ” – below is their description.

    Purdue Pharma, the company that makes OxyContin, the powerful prescription painkiller that experts say helped touch off an opioid epidemic, will plead guilty to three federal criminal charges as part of a settlement of more than $8 billion, Justice Department officials announced Wednesday. The company will plead guilty to three counts, including conspiracy to defraud the United States and violating federal anti-kickback laws, the officials said. The resolution will be detailed in a bankruptcy court filing in federal court. The deal does not release any of the company’s executives or owners — members of the wealthy Sackler family — from criminal liability. A criminal investigation is ongoing. The settlement is the highest-profile display yet of the federal government seeking to hold a major drugmaker responsible for an opioid addiction and overdose crisis linked to more than 470,000 deaths in the country since 2000. The settlement comes less than two weeks before a presidential election where the opioid epidemic has taken a political back seat to the coronavirus pandemic and other issues. But the deal does give President Donald Trump’s administration an example of action on the addiction crisis, which he promised early in his term.

    Bloomberg QuickTake: Now YouTube Channel

    Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.

    In This Story: Donald Trump

    Donald John Trump is the 45th and current president of the United States. Before entering politics, he was a businessman and television personality. Trump was born and raised in Queens, a borough of New York City, and received a bachelor’s degree in economics from the Wharton School.

    5 Recent Items: Donald Trump

  • Michigan Certifies Biden’s Victory Despite Trump’s Effort to Overturn Results
  • Opinion | Political tribalism makes these Americans nervous. We asked them why.
  • Opinion | Trump’s policies separated this mother and son. She wants Biden to help repair the damage.
  • How Trump’s false election claims are keeping his movement alive
  • Biden’s cabinet the ‘polar opposite’ to Trump’s outsiders
  • Leave a Comment