Purdue Pharma to appeal US court ruling on bankruptcy
US drugmaker Purdue Pharma today announced its intent to appeal today’s ruling by the US District Court for the Southern District of New York, which vacated the Bankruptcy Court’s September 2021 order confirming its Chapter 11 Plan of reorganization.
Judge Colleen McMahon for the Southern District of New York said that the $4.5-billion deal to resolve thousands of US opioid lawsuits should not go forward, arguing that the bankruptcy court lacked the authority to release members of the Sackler family from civil liability.
Developer of opioid-based analgesic Oxycontin (oxycodone), Purdue filed for bankruptcy in September 2019 in the face of 3,000 lawsuits accusing the company and Sackler family members of contributing to a public health crisis that has claimed the lives of about 500,000 people since 1999.
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