A New York federal court on Thursday overturned a near $4.5 billion settlement which would have shielded members of the Sackler family from any future legal action relating to the opioid epidemic
noting: “We are pleased with the District Court’s decision invalidating the Purdue Pharma bankruptcy plan. The bankruptcy court did not have the authority to deprive victims of the opioid crisis of their right to sue the Sackler family.”announcing its plan to appeal the ruling, Purdue Chairman Steve Miller said the court’s decision “will delay, and perhaps end, the ability of creditors, communities, and individuals to receive billions in value to abate the opioid crisis.
5 billion from their personal fortune to help resolve several lawsuits the drug maker faces for its role in fueling the opioid epidemic. The pledged amount was intended to be used to reimburse states, local governments, Native American tribes and other plaintiffs who have successfully sued the Oxycontin maker. In exchange for the $4.5 billion settlement, the billionaire family sought legal protection from any future civil litigation involving the opioid crisis.
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Federal Court Overturns Purdue Pharma Settlement That Shielded Sacklers From Opioid SuitsThe ruling is likely to upend the Oxycontin maker’s bankruptcy reorganization plans.
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Federal Court Overturns Purdue Pharma Settlement That Shielded Sacklers From Opioid SuitsA New York federal court on Thursday overturned a near $4.5 billion settlement which would have shielded members of the Sackler family from any future legal action relating to the opioid epidemic
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Judge Throws Out Purdue Pharma’s Deal to Shield Sacklers From Opioid LawsuitsA federal judge overturned a roughly $4.5 billion settlement between OxyContin maker Purdue and members of the Sackler family who own the drugmaker, a surprising decision that raises questions about the future of the company and its owners
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Judge rejects Purdue Pharma’s opioid settlement over protections for Sackler familyA judge has rejected OxyContin maker Purdue Pharma’s bankruptcy settlement of thousands of lawsuits over the opioid epidemic because of a provision that would protect members of the Sackler family from facing litigation of their own.
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