A multi-billion dollar bankruptcy settlement between OxyContin maker Purdue Pharma and plaintiffs has been put on hold by the US Supreme Court. Here's why the settlement was put on ice
The justices paused bankruptcy proceedings concerning Purdue and its affiliates and said they would hold oral arguments in December in the administration's appeal of a lower court's ruling upholding the settlement. The Supreme Court's new term begins in October.
Purdue filed for Chapter 11 bankruptcy in 2019 to address its debts, nearly all of which stemmed from thousands of lawsuits alleging that OxyContin helped kickstart an opioid epidemic that has caused more than 500,000 U.S. overdose deaths over two decades. The Biden administration and eight states challenged the settlement, but all of the states dropped their opposition after the Sacklers agreed to contribute more to the settlement fund.
Members of the Sackler family have denied wrongdoing but expressed regret that OxyContin "unexpectedly became part of an opioid crisis." They said in May that the bankruptcy settlement would provide "substantial resources for people and communities in need."
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