The Supreme Court on Thursday derailed a multi-billion-dollar bankruptcy plan for Purdue Pharma, the maker of OxyContin, siding with the Biden administration.
Washington — The Supreme Court on Thursday derailed a multi-billion-dollar bankruptcy plan for Purdue Pharma, the maker of OxyContin, siding with the Biden administration over its objections to the agreement's broad protection for the Sackler family from civil lawsuits related to their role in the opioid epidemic.In a 5-4 opinion authored by Justice Neil Gorsuch, the court held that the bankruptcy code does not authorize a legal shield as part of a reorganization plan.
In addition to the $6 billion that the Sacklers agreed to contribute to fight the opioid crisis included in the bankruptcy plan, Purdue would restructure itself as a public benefit company and use its profits to make products that combat opioid addiction. The $750 million pot for victims would allow eligible claimants to receive payments ranging from $3,500 to $48,000.
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