Kentucky Derby payouts: The 2019 winner will be getting a fortune

When it comes to the 2019 Kentucky Derby, it pays to be a winner. The top five finishers will bring home some serious bank, splitting the majority of a $ 3 million purse – up $ 1 million from the prize total that stood from 2005-2018. That’s a lot of moolah getting spread around to the fastest…
Sports | New York Post

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Lawsuit Details How The Sackler Family Allegedly Built An OxyContin Fortune

The first nine months of 2013 started off as a banner year for the Sackler family, owners of the pharmaceutical company that produces OxyContin, the addictive opioid pain medication. Purdue Pharma paid the family $ 400 million from its profits during that time, claims a lawsuit filed by the Massachusetts attorney general.

However, when profits dropped in the fourth quarter, the family allegedly supported the company’s intense push to increase sales representatives’ visits to doctors and other prescribers.

Purdue had hired a consulting firm to help reps target “high-prescribing” doctors, including several in Massachusetts. One physician in a town south of Boston wrote an additional 167 prescriptions for OxyContin after sales representatives increased their visits, according to the latest version of the lawsuit filed Thursday in Suffolk County Superior Court in Boston.

The lawsuit claims Purdue paid members of the Sackler family more than $ 4 billion between 2008 and 2016. Eight members of the family who served on the board or as executives as well as several directors and officers with Purdue are named in the lawsuit. This is the first lawsuit among hundreds of others that were previously filed across the country to charge the Sacklers with personally profiting from the harm and death of people taking the company’s opioids.

WBUR along with several other media sued Purdue Pharma to force the release of previously redacted information that was filed in the Massachusetts Superior Court case. When a judge ordered the records to be released with few, if any, redactions this week, Purdue filed two appeals and lost.

The complaint filed by Massachusetts Attorney General Maura Healey says that former Purdue Pharma CEO Richard Sackler allegedly suggested the family sell the company or, if they weren’t able to find a buyer, to milk the drugmaker’s profits and “distribute more free cash flow” to themselves.

That was in 2008, one year after Purdue pleaded guilty to a felony and agreed to stop misrepresenting the addictive potential of its highly profitable painkiller, OxyContin.

At a board meeting in June 2008, the complaint says, the Sacklers voted to pay themselves $ 250 million. Another payment in September totaled $ 199 million.

The company continued to receive complaints about OxyContin similar to those that led to the 2007 guilty plea, according to unredacted documents filed in the case.

While the company settled lawsuits in 2009 totaling $ 2.7 million brought by family members of those who had been harmed by OxyContin throughout the country, the company amped up its marketing of the drug to physicians by spending $ 121.6 million on sales reps for the coming year. The Sacklers paid themselves $ 335 million that year.

The lawsuit claims Sackler family members directed efforts to boost sales. An attorney for the family and other board directors is challenging the authority to make that claim in Massachusetts. A motion on jurisdiction in the case hasn’t been heard. That attorney hasn’t responded to a request for comment on the most recent allegations.

Purdue Pharma, in a statement, said the complaint filed by Healey is “part of a continuing effort to single out Purdue, blame it for the entire opioid crisis, and try the case in the court of public opinion rather than the justice system.”

Purdue went on to charge Healey with attempting to “vilify” Purdue in a complaint “riddled with demonstrably inaccurate allegations.” Purdue said it has more than 65 initiatives aimed at reducing the misuse of prescription opioids. The company says Healey fails to acknowledge that most opioid overdose deaths are currently the result of fentanyl.

Purdue fought the release of many sections of the 274-page complaint. Attorneys for the company said at a hearing on Jan. 25 that they had agreed to release much more information in Massachusetts than has been cleared by a judge overseeing hundreds of cases consolidated in Ohio. Purdue filed both state and federal appeals this week to block release of the compensation figures and other information about Purdue’s plan to expand into drugs to treat opioid addiction.

The attorney general’s complaint says that in a ploy to distance themselves from the emerging statistics and studies that showed OxyContin’s addictive characteristics, the Sacklers approved public marketing plans that labeled people hurt by opioids as “junkies” and “criminals.”

Richard Sackler allegedly wrote that Purdue should “hammer” them in every way possible.

While Purdue Pharma publicly denied its opioids were addictive, internally company officials were acknowledging it and devising a plan to profit off them even more, the complaint states.

Kathe Sackler, a board member, pitched “Project Tango,” a secret plan to grow Purdue beyond providing painkillers by also providing a drug, Suboxone, to treat those addicted.

“Addictive opioids and opioid addiction are ‘naturally linked,’” she allegedly wrote in September 2014.

According to the lawsuit, Purdue staff wrote: “It is an attractive market. Large unmet need for vulnerable, underserved and stigmatized patient population suffering from substance abuse, dependence and addiction.”

They predicted that 40-60 percent of the patients buying Suboxone for the first time would relapse and have to take it again, which meant more revenue.

Purdue never went through with it, but Attorney General Healey contends this and other internal documents show the family’s greed and disregard for the welfare of patients.

This story is part of a reporting partnership between WBUR, NPR and Kaiser Health News

A version of this story first ran on WBUR’s CommonHealth. You can follow @mbebinger on Twitter.

Kaiser Health News

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Sackler family, fortune and philanthropy under scrutiny amid opioid lawsuits

A series of lawsuits spurred by the opioid epidemic has thrust one of America’s richest yet little-known families into a spotlight they’ve long sought to avoid.


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Fortune 500 Company Corporate Board Diversity at All-Time High

A new report from the Alliance for Board Diversity (ABD) and Deloitte, reveals that women and people of color represent 34% of all corporate board seats in Fortune 500 companies—placing board diversity at an all-time high.

Here are some key findings from the study:

-Black woman gained 32 board seats in 2018, an increase of 26.2% from 2016.

-Black men gained 26 board seats in 2018, an increase of 8.5% from 2016.

-Black and Asian women achieved the largest increase in board seats; black women at a 44.8% increase, and Asian women at a 30.8% increase.

-Companies are increasingly re-appointing minority board members to their boards rather than seeking out new directors.

“The increase in boardroom diversity over the last two years is encouraging, but we must not overlook that Caucasian/White men still hold 66% of all Fortune 500 board seats and 91.1% of chairmanships on these boards,” said Linda Akutagawa, chair for the Alliance for Board Diversity and president and CEO, LEAP (Leadership for Asian Pacifics).

“While progress has been achieved, there is still much more work to do,” said Deb DeHaas, vice chairman and national managing partner, Deloitte Center for Board Effectiveness.

‘Wokeness’ in the Boardroom 

Corporate America has been responsive to the wave of activism, particularly across social media, in regards to racism, sexism, economic inequality, and various other societal ills. Last year, Nike interjected itself into the heated debate over NFL players kneeling during the national anthem pre-game, to protest police brutality. The athletic apparel company made the symbol of the kneeling movement, Colin Kaepernick, a star in one of its ad campaigns.

The risk of offending customers who disagree with protesting on the field seemed to be worth taking. Nike’s sales increased 31% after the Kaepernick ad backlash.

Recently, Gillette, a Procter & Gamble brand, released an ad in line with the #MeToo movement, urging men to take responsibility for sexist behavior of other men. The ad is inciting both praise and outrage.

It’s not yet known how the controversial ad will affect P&G’s bottom line; the company is set to release its Q2 earnings next week (but so far, Wall Street speculation is favorable).

Burger King is the latest company to wade into political waters after posting a tweet poking fun at a misspelled tweet of Donald Trump’s.


CNN coined this ad trend “woke advertising.” This “wokeness” has presumably made it into the corporate boardrooms as the growing diversity board diversity numbers seem to evidence.

Despite Spate of Black Executive Board Appointments, Challenges Persist

A number of high-profile black executives have been appointed to the boards of some of the world’s largest companies. Last November, Nike announced the appointment of John W. Rogers, the CEO and founder of Ariel Investments L.L.C. to its board. Retired AMEX CEO Ken Chenault sits on the boards of Facebook and Airbnb. Edith Cooper, the executive vice president and global head of human capital at Goldman Sachs was added to Silicon Valley company Slack’s board. View a full listing of black board members on BLACK ENTERPRISE’s 2018 Registry of Corporate Directors.

As progress is made, challenges remain. One issue is that most board appointments come from the C-suite level and from the pool of corporate CEOs, in particular. The number of black CEOS at the corporate level has shrunk in recent years. Chenault actually discussed this issue with BE in a recent interview.

“We have a long way to go,” said Chenault. “As I’ve said publicly, I think it’s embarrassing that the number of African American CEOs has actually been reduced from eight years ago. That’s a serious problem. From an African American perspective, we are underrepresented. We can talk all the theories we want. People talk about the complexity of this issue. I know that there are very qualified people. They just haven’t gotten the opportunity.”

While it’s important to celebrate the achievement made in diversifying American corporate boards, there is still the need to build up the pipeline of qualified black executives that can ascend to the C-suite.

The post Fortune 500 Company Corporate Board Diversity at All-Time High appeared first on Black Enterprise.

Career | Black Enterprise

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