The court said on Tuesday that U.S. bankruptcy law allows legal protections for non-bankrupt parties, like the Sacklers, in extraordinary circumstances
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.
Purdue has pleaded guilty to charges related to its opioid marketing, while its owners have expressed regret but denied wrongdoing. The Sackler contribution accounts for most of the cash payment in a broader bankruptcy settlement that Purdue values at more than $10-billion. In addition to the Sackler payment, Purdue will pay an additional $1.4-billion in opioid settlements, contribute “substantial” additional insurance recoveries, and restructure itself into a new company committed to developing and distributing overdose reversal and addiction treatment medicines for no profit.
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