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Purdue argued—and the bankruptcy court and 2nd Circuit agreed—that three key sections of the bankruptcy code, taken together, authorize a bankruptcy court to grant such releases: sections 105 ...
The Supreme Court blew up the massive bankruptcy reorganization of opioid maker Purdue Pharma, finding that the settlement inappropriately included legal protections for the Sackler family ...
WASHINGTON (Reuters) -The U.S. Supreme Court on Thursday blocked OxyContin maker Purdue Pharma's bankruptcy settlement that would have shielded its wealthy Sackler family owners from lawsuits over ...
Purdue estimates that its bankruptcy settlement, approved by a U.S. bankruptcy judge in 2021, would provide $10 billion in value to its creditors, including state and local governments, individual ...
Harrington v. Purdue Pharma L.P., 603 U.S. 204 (2024), is a United States Supreme Court case regarding Chapter 11 of the Bankruptcy Code. [1] The case addressed the 2022-2023 Purdue Pharma bankruptcy settlement and whether, under Chapter 11 of the Bankruptcy Code, a release extinguishing claims held by nondebtors against nondebtor third parties, without the claimants’ consent could move forward.
But the Purdue Pharma settlement would have been only the second so far to include direct payments to victims from a $750 million pool. Payouts would have ranged from about $3,500 to $48,000.
A new Supreme Court ruling that upended a $6 billion opioid settlement just made it more difficult for owners of any company to use federal bankruptcy proceedings to shield themselves from legal ...
At issue is whether U.S. bankruptcy law allows Purdue's restructuring to include legal protections for the Sackler family, who have not filed for personal bankruptcy. Purdue filed for Chapter 11 ...