June 2, 2021 – In addition to contributing money from their personal fortunes, the Sacklers have agreed to give up control of Purdue Pharma. They will, however, retain ownership of other companies, admit no wrongdoing and will remain one of the wealthiest families in America.
Two dozen states still oppose the bankruptcy deal that’s been negotiated largely behind closed doors. They argue it would improperly strip them of authority to sue members of the family for alleged wrongdoing.
“I don’t believe … at this point the plan is confirmable,” said Andrew Troop, an attorney representing a coalition of “non-consenting” states, during a hearing last week.
But Judge Drain said this stage of the bankruptcy process wasn’t focused on final approval of the plan.
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