Wednesday, October 27, 2021

Purdue Pharma bankruptcy judge to rule Friday on opioid settlement

Must read

By Maria Chutchian

(Reuters) -A U.S. judge in the Purdue Pharma bankruptcy case expects to rule on Friday on the OxyContin maker’s request to approve its settlement of opioid-related litigation.

During a hearing on Wednesday, U.S. Bankruptcy Judge Robert Drain in White Plains, New York, said he plans to rule at the end of the week. A trial over the plan and settlement began on Aug. 12.

The deal, which Purdue says is worth more than $10 billion, has widespread support but is still opposed by nine U.S. states. Members of the Sackler family who own the company have said they will contribute about $4.5 billion in exchange for legal protections against opioid-related litigation.

Drain stated at the conclusion of Wednesday’s hearing that Purdue, the Sacklers and the opposing states should continue efforts to reach a deal before Friday.

“I would encourage you … to continue that work,” he said.

(Reporting by Maria Chutchian; editing by Grant McCool and Richard Pullin)


Latest News