Purdue Pharma begins vote on $7.4 bln opioid settlement
June 20 - Oxycontin maker Purdue Pharma received court approval on Friday to begin voting on its $7.4 billion bankruptcy settlement, while deferring questions about how state and local governments should spend the money they receive.
The settlement, which will resolve thousands of opioid lawsuits against the drugmaker and its owners, members of the Sackler family, can not be finalized until after a vote from creditors, including state and local governments, and individuals who were harmed by Purdue's sale and marketing of the addictive painkiller Oxycontin.
U.S. Bankruptcy Judge Sean Lane approved Purdue's disclosure statement at a court hearing in White Plains, NY, saying that it provided enough information for creditors to decide how to vote on the settlement.
Purdue's current settlement, unlike a previous version that was rejected by the U.S. Supreme Court last year, would not shut off all opioid litigation against the Sacklers if it is approved in court. Creditors can choose not to accept the settlement and instead pursue lawsuits against the Sacklers, even if the overall deal is approved.
Purdue took a major step toward finalizing the settlement earlier this week, when attorneys general of 55 U.S. states and territories signed up to support the deal. States, some of which sued Purdue and the Sacklers before the company went bankrupt in 2019, are some of Purdue's largest creditors, and they will receive the largest payments under the bankruptcy settlement.
The states alleged that Purdue and the Sacklers fueled a deadly opioid epidemic through their aggressive marketing of addictive painkillers. States have pledged to use their share of the settlement money to combat the harms of the opioid crisis through efforts like providing addiction treatment and overdose reversal medication.
But several individuals spoke up during the court hearing to express frustration about the lack of clarity on how the money will be spent. They demanded that states consult with victims of addiction when making spending decisions, and they pushed for safeguards to ensure that the money was not funneled to other state priorities like police budgets.
Lane listened to several individuals who advocated for clearer restrictions on the settlement funds, but he said that those policy details were beyond the scope of the bankruptcy.
"No one has appointed me the czar of opioid addiction treatment, and frankly I'm not qualified to do that," Lane said.
If Purdue's bankruptcy plan passes a creditor vote, Lane will consider final approval of the deal in the fall of 2025.
Purdue, which pleaded guilty to charges related to its opioid marketing in 2007 and 2020, said the settlement will fund life-saving treatments and provide direct compensation to individuals harmed by its products.
The Sacklers have expressed regret about their company's role in the opioid crisis but denied wrongdoing, and they have said they would defend themselves vigorously if sued.
The case is Purdue Pharma LP, U.S. Bankruptcy Court for the Southern District of New York, No. 19-23649.
For Purdue: Marshall Huebner, Eli Vonnegut, and Ben Kaminetzky of Davis Polk & Wardwell, among others
For the creditors committee: Arik Preis and Mitchell Hurley of Akin Gump Strauss Hauer & Feld, among others
Read more:
Purdue Pharma $7.4 billion opioid settlement wins broad support from US states
US Supreme Court blocks Purdue Pharma bankruptcy settlement
US Supreme Court Purdue ruling makes mass litigation tougher to resolve in bankruptcy
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