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Connecticut to appeal Purdue Pharma bankruptcy plan: AG Tong

Earlier this month, a federal bankruptcy judge gave conditional approval to the $10 billion plan submitted by Purdue Pharma.

HARTFORD, Conn. — *Editor's Note: The video aired on July 26*

Connecticut's attorney general filed formal notice Friday that the state will appeal OxyContin maker Purdue Pharma's bankruptcy plan.

It is a controversial and unprecedented decision that purports to extinguish Connecticut’s claims against the company and the Sackler family, according to Attorney General William Tong's office.

RELATED: CT AG Tong slams Purdue Pharma's proposed bankruptcy settlement

“The Sacklers are not bankrupt," Tong said. "We cannot allow our bankruptcy laws to be abused and misused as a loophole for the rich and powerful to avoid justice and accountability."

He continued: "This decision was an unprecedented and unacceptable overreach by the bankruptcy court. Connecticut has filed notice that we will appeal and will continue to fight on behalf of the victims and families of the opioid epidemic until we see justice."

Earlier this month, a federal bankruptcy judge gave conditional approval to the $10 billion plan submitted by Purdue Pharma.

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Under the settlement reached with creditors including individual victims and thousands of state and local governments, the Sackler family would have to give up ownership of the company and contribute $4.5 billion but will be freed from any future lawsuits over opioids.

However, Tong said the Sacklers are worth multiple times that amount.

"By the time they are finished paying this settlement, the Sacklers will be wealthier than they were when they started," he added.

RELATED: Judge conditionally approves Purdue Pharma opioid settlement

Tong joined eight other attorneys' general filing objections in the U.S. Bankruptcy Court for the Southern District of New York, which also includes that the Sackler family made at least $11 billion in profits from producing and deceptively marketing OxyContin.

The crisis has cost the nation millions of lives and more than $2 trillion in damage, according to Tong's office.


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