Posted on May 31, 2023
A landmark appeals court ruling clears way for Purdue Pharma-Sackler bankruptcy deal
1.7K
14
5
4
4
0
https://www.npr.org/2023/05/30/ [login to see] /sackler-family-purdue-pharma-immunity-lawsuits-oxycontin-opioid
In a landmark ruling Tuesday, a federal appeals court in New York cleared the way for a bankruptcy deal for opioid manufacturer Purdue Pharma.
The deal will shield members of the Sackler family, who own the company, from future lawsuits.
The 2nd Circuit Court of Appeals spent more than a year reviewing the case after a lower court ruled it was improper for Purdue Pharma's bankruptcy deal to block future opioid-related lawsuits against the Sackler family.
The Sacklers earned billions of dollars from the sale of OxyContin and other opioid pain medications.
This latest ruling overturns the lower court's December 2021 decision and clears the way for a deal hashed out with thousands of state and local governments.
As part of the bankruptcy settlement, the Sacklers are expected to pay roughly $5 to $6 billion and give up control of Purdue Pharma.
In a landmark ruling Tuesday, a federal appeals court in New York cleared the way for a bankruptcy deal for opioid manufacturer Purdue Pharma.
The deal will shield members of the Sackler family, who own the company, from future lawsuits.
The 2nd Circuit Court of Appeals spent more than a year reviewing the case after a lower court ruled it was improper for Purdue Pharma's bankruptcy deal to block future opioid-related lawsuits against the Sackler family.
The Sacklers earned billions of dollars from the sale of OxyContin and other opioid pain medications.
This latest ruling overturns the lower court's December 2021 decision and clears the way for a deal hashed out with thousands of state and local governments.
As part of the bankruptcy settlement, the Sacklers are expected to pay roughly $5 to $6 billion and give up control of Purdue Pharma.
A landmark appeals court ruling clears way for Purdue Pharma-Sackler bankruptcy deal
Posted from npr.org
Medical
Health
Bankruptcy
Pharmaceuticals
Posted 12 mo ago
Responses: 3
3
3
0
Opioids III: The Sacklers: Last Week Tonight with John Oliver (HBO)
John Oliver explains how the Sackler family has been handling lawsuits related to the opioid crisis, how hard they’ve been fighting to defend their name, and...
Deal may benefit Sackler family more than victims, families or governments who spent money fighting the addictive drugs that were legally prescribed under false pretenses.
https://www.youtube.com/watch?v=uaCaIhfETsM
https://www.youtube.com/watch?v=uaCaIhfETsM
(3)
(0)
PO1 William "Chip" Nagel
Sackler family can be shielded from opioid lawsuits, court rules
The wealthy owners of Purdue Pharma will be protected in exchange for a multi-billion dollar settlement.
(1)
(0)
2
2
0
0
0
0
PO1 William "Chip" Nagel
..."The ruling only applies to New York, Connecticut and Vermont
Tuesday's ruling is also controversial because it extends the power of federal bankruptcy court to shelter wealthy members of the Sackler family who never declared bankruptcy.
However, this ruling only applies to the 2nd Circuit region of the U.S. in New York, Connecticut and Vermont.
A national resolution of the debate over the power of bankruptcy courts to shelter non-bankrupt companies and individuals from lawsuits still requires action by Congress or the U.S. Supreme Court.
"Until Congress steps in and provides clarity to the issue or the Supreme Court takes up this issue and gives us an opinion, we don't know nationwide how this will come down," Simon told NPR.
She predicted that the ruling will spur other companies to attempt to limit their liability and legal exposure using federal bankruptcy courts."
..."The ruling only applies to New York, Connecticut and Vermont
Tuesday's ruling is also controversial because it extends the power of federal bankruptcy court to shelter wealthy members of the Sackler family who never declared bankruptcy.
However, this ruling only applies to the 2nd Circuit region of the U.S. in New York, Connecticut and Vermont.
A national resolution of the debate over the power of bankruptcy courts to shelter non-bankrupt companies and individuals from lawsuits still requires action by Congress or the U.S. Supreme Court.
"Until Congress steps in and provides clarity to the issue or the Supreme Court takes up this issue and gives us an opinion, we don't know nationwide how this will come down," Simon told NPR.
She predicted that the ruling will spur other companies to attempt to limit their liability and legal exposure using federal bankruptcy courts."
(0)
(0)
Read This Next
Continue with Facebook 
Continue with Google