OxyContin-maker Purdue Pharma could be years away from paying billions of dollars to address the U.S. opioid crisis after a judge blew up a deal that gave provided legal immunity to the Sackler family that owned the company, people close to the negotiations said.
In a surprise ruling on Thursday, U.S. District Judge Colleen McMahon in Manhattan found that a bankruptcy judge overstepped his authority by approving the plan that gave the Sacklers immunity in return for $4.5 billion for those harmed by Purdue.
Purdue has been estimated to be worth around $2 billion without the Sackler contribution, making their participation critical. If the plan had gone into effect, it would have started providing funds to state and local governments and others to address the damage caused to communities reeling from the opioid epidemic, which has claimed 500,000 lives since 1999.
There is also the possibility the Sacklers kick in more money, something the family did during the bankruptcy process to win over about a dozen states.
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