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(Reuters) - The U.S. Department of Justice has lodged its appeal of Purdue Pharma’s bankruptcy plan and multibillion dollar opioid litigation settlement and is asking a judge to halt the implementation of his order approving the deal.
The DOJ’s bankruptcy watchdog, the U.S. Trustee, filed its appeal on Wednesday night in the U.S. Bankruptcy Court for the Southern District of New York. The states of Washington and Maryland, as well as Washington, D.C., have also appealed U.S. Bankruptcy Judge Robert Drain’s Sept. 1 ruling. Like the U.S. Trustee, all have vigorously opposed the plan's legal protections for the Sackler family members that owned the OxyContin maker.
Under the deal, which Purdue says is worth more than $10 billion, the Sackler family members will no longer control the company. Purdue will now steer profits toward opioid abatement efforts. The Sacklers agreed to contribute approximately $4.5 billion to the deal in exchange for releases of opioid-related civil litigation against them.
The deal paves the way for Purdue to wrap up its bankruptcy, which was filed two years ago to resolve thousands of lawsuits accusing it of fueling the U.S. opioid crisis through deceptive marketing of its products....
Read Full Story: https://www.reuters.com/legal/transactional/doj-appeals-purdue-pharma-bankruptcy-deal-aims-pause-approval-order-2021-09-16/
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