Court says OxyContin maker's bankruptcy and protections for Sackler family members can move ahead
OxyContin maker Purdue Pharma can start its transformation under a bankruptcy agreement that allows the members of the wealthy Sackler family who own the company to avoid civil lawsuits over the opioid crisis, a court has ruled
OxyContin maker Purdue Pharma can start executing a settlement that protects members of the Sackler family who own the company from civil lawsuits over the toll of opioids, a court ruled Tuesday.
The ruling from the 2nd U.S. Circuit Court of Appeals in New York allows the company's transformation to start.
Under a deal reached last year with thousands of state and local government entities, the company is to become a new entity with its profits being used to fight the opioid epidemic. And Sackler family members are to pay up to $6 billion over time.
The Purdue deal is one of the bigger ones in a series of corporate opioid settlements worth a total of more than $50 billion so far. Unlike most of them, it includes funds for people who were victims of the crisis and their families.
