A New York federal court on Thursday overturned a near $4.5 billion settlement which would have shielded members of the Sackler family who own Oxycontin maker Purdue Pharma from any future legal action relating to the opioid epidemic, in a decision that may upend the drugmaker’s bankruptcy reorganization plans.... [+]that the New York Bankruptcy court that approved the settlement offer did have the authority to grant legal immunity to members of the Sackler family in future opioid cases.
Judge McMahon previously raised questions about the more than $10 billion the drugmaker had distributed to its billionaire owners in the decade leading up to its bankruptcy filing, asking if it represented a larger abuse of the bankruptcy system. On Thursday the judge noted that about half of that $10 billion were either invested in offshore companies owned by members of the Sackler family or deposited in trusts “that could not be reached in bankruptcy.”, Purdue said it will appeal the ruling noting that the federal judge’s order was contrary to “more than 30 years of governing precedent approving third party releases in appropriate circumstances.
Source: Law Daily Report (lawdailyreport.net)
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