A federal court ruling cleared the way Tuesday for OxyContin maker Purdue Pharma’s settlement of thousands of legal claims over the toll of opioids.
The 2nd U.S. Circuit Court of Appeals in New York reversed a 2021 ruling that found bankruptcy court judges did not have the authority to shield from civil lawsuits members of the Sackler family who own Purdue and who have not filed for bankruptcy protection themselves.
Under the plan, members of the Sackler family would give up ownership of Stamford, Connecticut-based Purdue, which would become a new company known as Knoa, with its profits being used to fight the opioid crisis. They would also contribute $5.5 billion to $6 billion in cash over time. A chunk of that money — at least $750 million — is to go to individual victims of the opioid crisis and their survivors.
Several states had been withholding support for the plan, but after a new round of negotiations this year, all of them came on board. That left just one high-profile objector: the Office of the U.S. Bankruptcy Trustee, an arm of the Justice Department. The settlement must still be approved by a bankruptcy court judge before it can be finalized. There’s also a chance the new ruling could be put on hold, pending an appeal to the U.S. Supreme Court.
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