Family seeks to pay billions to walk away from their fortune-making but addictive OxyContin
Purdue Pharma and its owners, members of the Sackler family, are nearing the end of their decades-long association with opioids, seeking court approval to pay billions of dollars and walk away from the business that helped make their fortune.
The trial in New York is the culmination of years of political pressure and public outcry over Purdue. Critics oppose the bankruptcy and say the company remains a symbol of corporate greed.
The judge has made clear that he is expecting narrow argument and testimony regarding the often arcane machinations of bankruptcy law that make Purdue’s plan legally viable. On Monday, Drain went so far as to say he would “simply cut people off if they’re wasting time”, signalling little patience for time spent analysing the wealth of Purdue’s owners, who are the descendants of the brothers Raymond and Mortimer Sackler, and the merits of legal action against them.
In an e-mailed statement, Purdue highlighted the broad creditor support for its settlement and said the proposed plan complies with bankruptcy rules. “This plan is what the private and governmental plaintiffs asserting trillions of dollars of claims against Purdue and the Sacklers overwhelmingly want, voted for and support,” according to the statement.
So-called nonconsensual third-party releases are a divisive issue, with federal court districts for years disagreeing on when they are appropriate, if ever. But Purdue’s judge has granted similar releases in the past, and the company will argue that they are a crucial part of the bankruptcy plan, which will shuttle billions of dollars towards programmes aimed at addiction treatment and combating opioid abuse.
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