The Supreme Court heard arguments on Monday in a case that could determine the fate of Purdue Pharma's bankruptcy plan, which includes a provision protecting the Sackler family from liability for the opioid epidemic. The Biden administration has objected to the plan, arguing that it gives the Sacklers too much protection, and justices expressed skepticism that a bankruptcy court had legal authority to release the Sacklers from potential legal claims. The Supreme Court's decision could have far-reaching implications for the opioid epidemic and the Sackler family, as it will determine whether the Sacklers will be protected from future civil lawsuits.
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Key takeaways: The Supreme Court has put a hold on the bankruptcy reorganization of opioid maker Purdue Pharma. The Biden administration objected to a key…
A federal appeals court has approved a deal granting immunity to the Sackler family, owners of Purdue Pharma, from civil claims related to the opioid crisis. The plan will see Purdue Pharma become a new company, Knoa, with profits going to a fund to prevent and treat addiction. The family will contribute $5.5-$6 billion in cash over time, or around half of their collective fortune. This settlement is the latest development in the opioid crisis, and is hoped to help fund much-needed addiction programs.