June 27, 2024 – A divided Court blocked a controversial proposed Purdue Pharma bankruptcy plan that would have provided billions of dollars to help address the nation’s opioid crisis in exchange for protecting the family that owns the company from future lawsuits.
The court ruled that U.S. bankruptcy code does not allow a court to shield the Sackler family, which owns the company and had agreed to pay up to $6 billion over 18 years as part of the plan, from future opioid lawsuits. Family members did not file for bankruptcy themselves.
The ruling marks the latest chapter in the national reckoning over the role of drugmakers such as Purdue and other companies in igniting the epidemic of addiction and overdoses. The decision means states and other parties suing Purdue will restart negotiations. The ruling could also affect major settlements in other cases approved through bankruptcy courts.
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