Purdue Pharma LP and the company's Sackler family owners will be shielded u...
- Purdue Pharma LP and the company’s Sackler family owners will be shielded until April 8, 2020, from sprawling opioid litigation to give the maker of OxyContin time to try to reach a legal settlement the company says is worth $10 billion.
U.S. Bankruptcy Judge Robert Drain said on Wednesday he would approve an order extending a stay on more than 2,600 lawsuits that accuse Purdue and the Sacklers of fueling a crisis that contributed to 400,000 U.S. deaths between 1999 and 2017.While the litigation is on hold, Purdue and the Sacklers committed to share information with the states, municipalities, Native American tribes, hospitals, individuals and others who have sued.
The bulk of the parties that have sued Purdue support the settlement, and the main opposition comes from about two dozen state attorneys general. Drain warned that the family runs the risk of being exposed to litigation when his order expires if they do not cooperate.Under the proposed deal, control of Purdue will be transferred to the parties suing it. The Sackler family will contribute at least $3 billion to the deal, and in return will be released from further lawsuits, the deal says.
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