Bankrupt OxyContin maker Purdue Pharma can shield its owners, members of the wealthy Sackler family, from opioid lawsuits in exchange for a $6 billion contribution to the company's broader bankruptcy settlement, a U.S. appeals court ruled on Tuesday.
The New York-based 2nd U.S. Circuit Court of Appeals said that U.S. bankruptcy law allows legal protections for non-bankrupt parties, like the Sacklers, in extraordinary circumstances.
Purdue has sought to use its bankruptcy case to resolve thousands of lawsuits, many filed by state and local governments, alleging that OxyContin helped kickstart an opioid epidemic that caused more than 500,000 U.S. overdose deaths over two decades. The families of the late Mortimer Sackler and the late Raymond Sackler said in a joint statement that they looked forward to moving ahead after the lengthy wait for a 2nd Circuit decision.
With the appeal concluded, Purdue will now return to court to seek final approval of the settlement and end its long-running Chapter 11 bankruptcy.
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