The question at the heart of the planned appeals to the Purdue Pharma bankruptcy deal is whether members of the Sackler family should get broad legal protections when they did not file for bankruptcy themselves. By geoffmulvihill.
The Sacklers will give up ownership of the company, go out of the international opioid business and pay $4.5 billion in cash and charitable assets under the settlement. But they also will escape any future liability over the nation’s addiction and overdose crisis as part of the deal that was givenSome state attorneys general and one federal government office are planning appeals.
Under the settlement, Sackler family members are getting what’s known in the bankruptcy world as a “third-party release.” It’s one of the most contentious issues in bankruptcy law. In his preliminary ruling from the bench earlier this week, Drain discussed at length the reasons he was allowing the protection for family members as part of the settlement.
The crisis has been linked to more than 500,000 overdose deaths in the U.S. since 2000 involving either prescription painkillers or illicit ones such as heroin or illegally made fentanyl. During a hearing on the reorganization plan last month, experts said it could be impossible to force payments without a settlement because much of the family’s fortune is overseas. The bankruptcy judge said some family members are foreign citizens, potentially putting their assets further out of reach.
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