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Supreme Court Ends OxyContin Settlement, Cracking Sackler Shield
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The US Supreme Court tossed Purdue Pharma LP’s $6 billion opioid settlement, nixing a deal that would have funded opioid epidemic relief efforts in exchange for protecting the company’s billionaire owners from lawsuits alleging they helped fuel the addiction crisis.
The 5-4 ruling opens a new chapter of uncertainty for Purdue by ruling that the accord would improperly shield its owners, members of the billionaire Sackler family. They had agreed to give up ownership of the company — the maker of painkiller OxyContin — and pay as much as $6 billion.
More broadly, the ruling upends a key tool used by bankrupt companies to settle lawsuits spawned by harmful or toxic products. The tool, known as a non-consensual third-party release, forces holdout plaintiffs to settle with companies if an agreement has support from most of the victims. A Justice Department unit monitoring bankruptcy courts opposed the Sackler settlement, arguing such mechanisms are unlawful.
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The 5-4 ruling opens a new chapter of uncertainty for Purdue by ruling that the accord would improperly shield its owners, members of the billionaire Sackler family. They had agreed to give up ownership of the company — the maker of painkiller OxyContin — and pay as much as $6 billion.
More broadly, the ruling upends a key tool used by bankrupt companies to settle lawsuits spawned by harmful or toxic products. The tool, known as a non-consensual third-party release, forces holdout plaintiffs to settle with companies if an agreement has support from most of the victims. A Justice Department unit monitoring bankruptcy courts opposed the Sackler settlement, arguing such mechanisms are unlawful.
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Bloomberg Quicktake brings you global social video spanning business, technology, politics and culture. Make sense of the stories changing your business and your world.
Connect with us on…
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