A landmark appeals court ruling clears way for Purdue Pharma-Sackler bankruptcy deal – Gist It

A landmark appeals court ruling clears way for Purdue Pharma-Sackler bankruptcy deal

A federal appeals court in New York cleared the way for Purdue Pharma’s bankruptcy deal, shielding the Sackler family from future lawsuits.

Landmark ruling: The 2nd Circuit Court of Appeals overturned a lower court’s December 2021 decision, which deemed the bankruptcy deal improper.
* The Sacklers are expected to pay roughly $5 to $6 billion and give up control of Purdue Pharma.
* Approximately $750 million from the payout will go to individuals and families affected by OxyContin addiction and overdoses.

Implications: The ruling extends the power of federal bankruptcy court to shelter wealthy individuals, such as the Sackler family, who did not declare bankruptcy.
* However, this decision only applies to the 2nd Circuit region, which includes New York, Connecticut, and Vermont.
* A nationwide resolution requires action from Congress or the U.S. Supreme Court.

Reaction: Members of the Sackler family praised the ruling, stating that the implementation of the resolution is critical to providing resources for those affected by the opioid crisis. Purdue Pharma also called the decision proper and said their focus will be on providing compensation and resources to help those in need.

View original article on NPR

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May 30, 2023

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