The U.S. Supreme Court, in June 2024, rejected the bankruptcy plan for OxyContin-maker Purdue Pharma. The justices said that a bankruptcy court can’t sign away creditors’ claims against third parties like the Sackler’s without creditors’ unanimous consent.
This plan would have the Sackler family contribute $6 billion to the settlement in exchange for shielding them from civil lawsuits over their alleged role in fueling the drug epidemic. A minority of the opioid victims had earlier voted to reject the settlement plan. They claimed that Sackler’s fraudulently transferring Purdue’s assets to themselves or for their benefit while the company was facing large legal liabilities.
The re-constituted Purdue Pharma backs the creditors claim for $11.5 billion.
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