Sep 13, 2019 |
FORBES – According to the various news reports, the New York Attorney General has claimed that various members of the Sackler family, of Perdue Pharma infamy, have lately been involved in transfers in the neighborhood of $1 billion from the company to Swiss accounts.
Which means that I’m getting e-mails from folks inquiring as to whether these transfers might be fraudulent transfers, and what the prospects are of the opioid claimants and the States getting at that money.
As to the fraudulent transfer allegations, the Sacklers certainly have claims against them in the fraudulent transfer sense, because there have been events giving rise to liability, i.e., their indiscriminate selling of opioids to the masses.
That these claims have not yet been quantified or liquidated is of no consequence.
If the Sacklers transferred money from Perdue Pharma to accounts in Switzerland, that would certainly qualify as transfers in the fraudulent transfer sense, which is that title to the money shifted from a debtor, i.e., either Perdue Pharma or the Sacklers personally under one theory or another, and presumably went into accounts owned by one or more foreign trusts or entities, who would be the transferees.
The next question would be whether the transfers satisfied on of the tests for a fraudulent transfer, the most common being either the Intent Test (sometimes mis-aptly called an “actual fraudulent transfer”) or the Insolvency Test (known by the oxymoron “constructive fraudulent transfer”).
The Intent Test has but a single element, which is that the debtor intended to hinder, delay or defraud creditors by making the transfers … Read more.
Sep 10, 2019
CBS News has learned the billionaire Sackler family, who own Purdue Pharma, are willing to give up ownership of the company and pay an additional $3 to $4.5 billion from their personal wealth to settle more than 2,000 lawsuits accusing the drug maker of fueling the opioid crisis.
The settlement offer comes amid speculation that Purdue Pharma is about to go bankrupt.
Over two decades, while the sale of the painkiller Oxycontin generated billions in profits for the drugmaker, the nation’s opioid addiction was reaching a crisis.
According to the U.S. Centers for Disease Control and Prevention, overdose deaths linked to prescription opioids have killed more than 218,000 Americans … Read more.
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