To: Board of County Commissioners
From: Joshua Freeman, Director of Administration
title
RE: Closed Session to discuss trial or settlement strategy with defendant Purdue Pharma L.P. in the matter of County of Genesee v Purdue Pharma L.P., et al, U.S. District Court case no. 17-cv-14074
recommendation
BOARD ACTION REQUESTED:
Closed Session to discuss trial or settlement strategy with defendant Purdue Pharma L.P. in the matter of County of Genesee v Purdue Pharma L.P., et al, U.S. District Court case no. 17-cv-14074
BACKGROUND:
DISCUSSION:
IMPACT ON HUMAN RESOURCES:
IMPACT ON BUDGET:
IMPACT ON FACILITIES:
IMPACT ON TECHNOLOGY:
CONFORMITY TO COUNTY PRIORITIES:
esolution
TO THE HONORABLE CHAIRPERSON AND MEMBERS OF THE GENESEE COUNTY BOARD OF COMMISSIONERS, GENESEE COUNTY, MICHIGAN
LADIES AND GENTLEMEN:
WHEREAS, in 2017, this Board of County Commissioners of Genesee County, Michigan, authorized filing a lawsuit to address the public nuisance that is the Opioid Epidemic, which named, among others, Purdue Pharma L.P. ("Purdue") and several members of the Sackler family ("Sackler Family Defendants"); and
WHEREAS, Purdue has presented a proposed Bankruptcy Plan, and the Sackler Family Defendants have entered into a Governmental Entity & Shareholder Direct Settlement Agreement (together, the "Purdue/Sackler Settlement") with the State Attorneys General and a Plaintiff Executive Committee-designated negotiating committee that represents approximately 4,000 local governments that have brought lawsuits similar to Genesee County's lawsuit; and
WHEREAS, the Purdue/Sackler Settlement will provide significant equitable and monetary relief, including an agreement that (a) the Sackler Family Defendants will pay $6.5 billion over the next 15 years in exchange for a release of claims against them, and (b) the Purdue estate will contribute an amount of approximately $900 million, where the bulk of these payments will be dedicated to funding abatement ...
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