Purdue Pharma Board Chairman Steve Miller pleaded guilty on behalf of the company during a virtual federal court hearing against U.S. District Judge Madeleine Cox Arleo.
The counts include two counts of conspiracy to defraud the United States and one of the dual substance conspiracies to violate the Food, Drug and Cosmetics Act, and two counts of conspiracy to violate federal anti-kickback law.
The application agreement, released in October, includes the largest fine ever imposed on a pharmaceutical manufacturer, including 44 .4444 billion in criminal fines and an additional for 1 billion in criminal seizures, according to a press release from the Department of Justice.
The company, which declared bankruptcy last year, will be dissolved as part of the application agreement, and its assets will be used to create a new “public benefit company” controlled by a trust or similar entity designed to serve the American public. .
The Justice Department said Purdue Pharma would act in the public interest rather than maximizing benefits. His future earnings will go towards paying fines and penalties, which in turn will be used to deal with the opioid crisis.
To plead guilty to criminal charges, the company takes responsibility for past misconduct, Purdue Pharma told CNN in a statement on Tuesday.
“Accepting our application in federal court, and taking responsibility for past misconduct, is a necessary step toward advancing our goal of providing billions of dollars in value to creditors and providing financial resources and life-saving drugs to meet the iopioid crisis,” the statement said. Stated in the statement. .
“We continue to work tirelessly for additional support for the proposed bankruptcy settlement, which will direct most of the settlement funds to state, local and tribal governments for the purpose of tackling the opioid crisis.”
The Sack Color family, and other current and former employees and company owners, still face the possibility that federal criminal charges will be filed against them.
The court did not set a date for the sentencing hearing.