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Mallinckrodt may renege on $1.7 billion opioid settlement (www.npr.org)

submitted 1 year ago* (last edited 1 year ago) by rskn@lemmy.world to c/news@beehaw.org

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"It could be devastating," said Joseph Steinfeld, an attorney representing individuals harmed by Mallinckrodt's pain medications. "It potentially could wipe out the whole settlement."

...

If Mallinckrodt files a second bankruptcy, payouts would likely go first to company executives, staff and other creditors, with opioid-related claims paid out last.

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[–] RedPander@lemmy.rogers-net.com 2 points 1 year ago

This seems to be the norm. Liabilities get too high and the business rolls up into bankruptcy. Individuals have their wages garnished till their debt is repaid. I feel like there should be an onus on the board/executive team till the settlement is reach. But I don't really know what would be the most fair and scaleable to other instances of this.