Business Standard

Sackler ruling could delay Purdue's payment of billions by years

In a surprise ruling on Thursday, US District Judge Colleen McMahon in Manhattan found that a bankruptcy judge overstepped his authority by approving the plan that gave the Sacklers immunity

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Reuters
OxyContin-maker Purdue Pharma could be years away from paying billions of dollars to address the U.S. opioid crisis after a judge blew up a deal that gave provided legal immunity to the Sackler family that owned the company, people close to the negotiations said.

In a surprise ruling on Thursday, U.S. District Judge Colleen McMahon in Manhattan found that a bankruptcy judge overstepped his authority by approving the plan that gave the Sacklers immunity in return for $4.5 billion for those harmed by Purdue.
 
The deal had been hammered out over two years by U.S. states, local governments and others

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Topics : Bankruptcy

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