Ruling clears way for Purdue Pharma to settle opioid claims, protect Sacklers from lawsuits

A federal court ruling cleared the way Tuesday for OxyContin maker Purdue Pharma’s settlement of thousands of legal claims over the toll of opioids.

The court’s ruling reversed a 2021 ruling that found bankruptcy court judges did not have the authority to approve a settlement that would offer bankruptcy protections for those who have not filed for bankruptcy.

Under the plan approved by the 2nd U.S. Circuit Court of Appeals in New York, members of the wealthy Sackler family would give up ownership of Stamford, Connecticut-based Purdue, which would become a new company known as Knoa, with its profits being used to fight the opioid crisis. They would also contribute $5.5 billion to $6 billion in cash over time. A chunk of that money — at least $750 million — is to go to individual victims of the opioid crisis and their survivors. Only one other major opioid lawsuit settlement includes payments for victims.

Those protections are at the heart of the proposed deal that would end claims against Purdue filed by thousands of state, local and Native American tribal governments and other entities.

Tuesday’s decision also protects members of the Sackler family from lawsuits over the toll of opioids, even though they did not file for bankruptcy.

“It’s a great day for victims, some of who desperately need the money and have been waiting for this day for a long time,” said Ed Neiger, a lawyer representing individual victims.

Sackler family members have been clear: If they don’t get the legal protections, they won’t do their part of the deal.

“The Sackler families believe the long-awaited implementation of this resolution is critical to providing substantial resources for people and communities in need,” family members who own Purdue said in a statement Tuesday. “We are pleased with the Court’s decision to allow the agreement to move forward and look forward to it taking effect as soon as possible.”

dollars of value for victim compensation, opioid crisis abatement, and overdose rescue medicines.”

A lawyer from that office told the 2nd Circuit in April 2022 that it’s a “fundamental inconsistency” that people who do not seek bankruptcy protection and have to give up most of their assets could be exempted from some lawsuits.

Comments

Three McGeorge School of Law faculty each dedicate 40+ years of service to the law school

Three McGeorge School of Law faculty each dedicate 40+ years of service to the law school The University of the Pacific honored fifty faculty members at the 2023 Faculty Retirement and Years of Service Celebration on Wednesday, May 3. During the celebration, three McGeorge School of Law faculty were recognized for teaching at the law school for 40 years or longer. Distinguished Professor Stephen McCaffrey and Professor Christine Manolakas have both served on the law faculty for the past 45 years. Associate Dean for Scholarship and Distinguished Professor of Law Franklin Gevurtz has taught at the law school for 40 years. Five additional faculty also celebrated significant years of service anniversaries this year. Professors Leslie Gielow Jacobs and John Sprankling have taught at the law school for 30 years. Professor Rachael Salcido celebrated her 20-year teaching anniversa...

Christine Manolakas – 45 years of service

For 45 years, Professor Christine Manolakas has taught federal income tax courses at McGeorge School of Law Christine Manolakas – 45 years of service Manolakas joined the law faculty in 1978. She teaches courses in Federal Income Taxation, Taxation of Real Estate Transactions, Taxation of Corporations and Partnerships, Taxation of Corporate Reorganizations, U.S. Taxation of International Transactions, and Community Property Law. Professor Manolakas serves as the Director of the Tax and Business Certificates of Concentration at McGeorge School of Law. Manolakas served as Associate Dean for Academic Affairs from 2005-2008. As a result of her contributions to the law school, the "Manolakas Extraordinary Contribution Award" was established. The award is conferred annually to a member of the faculty or administrative staff. Most recently, Manolakas has published articles on the taxation of artists, ...

How to Easily Start a Blog and Monetize It in 2023

How to Easily Start a Blog and Monetize It in 2023.Blogger Choose a blogging platform. Use a platform that offers customizable templates. Pick a hosting platform. ... Find the right niche. ... Select a blog name and domain. ... Set up and design your blog. ... Brainstorm blog topics. ... Write your first blog post. ... Create an editorial calendar. A blog is an informational website published on the World Wide Web consisting of discrete, often informal diary-style text entries. Posts are typically displayed in reverse chronological order so that the most recent post appears first, at the top of the web page. A blog (a truncation of "weblog") is an informational website published on the World Wide Web consisting of discrete, often informal diary-style text entries (posts) . Posts are typically displayed in reverse chronological order so that the most recent post appears first, at the top of the web page. A blog is a website or page that is a part of a larger webs...

World Talk

Search This Blog