The Supreme Court is set to hear arguments Dec. 4 over whether the agreement, part of the resolution of Purdue Pharma 's bankruptcy, violates federal law . In exchange for giving up ownership of drug manufacturer Purdue Pharma and for contributing up to $6 billion to fight the crisis, members of the wealthy would be exempt from any civil lawsuits. At the same time, they could potentially keep billions of dollars from their profits on OxyContin sales.
The issue for the justices is whether the legal shield that bankruptcy provides can be extended to people such as the Sacklers, who have not declared bankruptcy themselves. The legal question has resulted in conflicting lower court decisions. It also has implications for other major product liability lawsuits settled through the bankruptcy system
Source: Law Daily Report (lawdailyreport.net)
Supreme Court Arguments Purdue Pharma Bankruptcy Federal Law Legal Shield Sacklers Lower Court Decisions Product Liability Lawsuits Bankruptcy System
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