The ruling is likely to upend the Oxycontin maker’s bankruptcy reorganization plans.
noting: “We are pleased with the District Court’s decision invalidating the Purdue Pharma bankruptcy plan. The bankruptcy court did not have the authority to deprive victims of the opioid crisis of their right to sue the Sackler family.”announcing its plan to appeal the ruling, Purdue Chairman Steve Miller said the court’s decision “will delay, and perhaps end, the ability of creditors, communities, and individuals to receive billions in value to abate the opioid crisis.
5 billion from their personal fortune to help resolve several lawsuits the drug maker faces for its role in fueling the opioid epidemic. The pledged amount was intended to be used to reimburse states, local governments, Native American tribes and other plaintiffs who have successfully sued the Oxycontin maker. In exchange for the $4.5 billion settlement, the billionaire family sought legal protection from any future civil litigation involving the opioid crisis.
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