"Lawyers representing OxyContin maker Purdue Pharma, branches of the Sackler family that own it, cities, states, counties, Native American tribes, people with addiction and others across the U.S. are expected to deliver a nearly unanimous message for a bankruptcy court judge Friday: Approve a plan to settle thousands of opioid-related lawsuits against the company.If U.S. Bankruptcy Judge Sean Lane abides, it will close a long chapter"
"Closing arguments were expected Friday in the third day of a hearing over a bankruptcy plan for the company, which filed for protection six years ago as it faced lawsuits with claims that grew to trillions of dollars. The opposition is much quieter this time around The saga has been emotional and full of contentious arguments between the many groups that took Purdue to court, often exposing a possible mismatch between the quest for justice and the practical role of bankruptcy court."
"The U.S. Supreme Court rejected a previous deal because it said it was improper for Sackler family members to receive immunity from lawsuits over opioids. In the new arrangement, entities who don't opt into the settlement can sue them. Family members are collectively worth billions, but much of their assets are held in trusts in offshore accounts that would be hard to access through lawsuits."
A bankruptcy hearing is nearing conclusion as many stakeholders urge approval of a plan to settle thousands of opioid-related lawsuits against Purdue Pharma. Approval would potentially end a long legal odyssey tied to an opioid crisis linked to approximately 900,000 U.S. deaths since 1999, including heroin and illicit fentanyl fatalities. Purdue filed for bankruptcy six years ago amid claims that ballooned into the trillions. The new deal responds to a Supreme Court rejection of a prior plan that granted Sackler family immunity. Government entities largely reached consensus, and individual opposition has been limited.
Read at Fast Company
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