We collect cookies to analyze our website traffic and performance; we never collect any personal data. Cookie Policy
Accept
The Tycoon Herald
  • Trending
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Money
    • Crypto / NFT
  • Innovation
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion
    • Leadership
  • Health
  • Sports
  • Entertainment
Reading: Judge Overturns Purdue Pharma’s Opioid Settlement
Sign In
The Tycoon HeraldThe Tycoon Herald
Font ResizerAa
Search
  • Trending
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Money
    • Crypto / NFT
  • Innovation
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion
    • Leadership
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© Tycoon Herald. All Rights Reserved.
Judge Overturns Purdue Pharma’s Opioid Settlement
The Tycoon Herald > Trending > Judge Overturns Purdue Pharma’s Opioid Settlement
Trending

Judge Overturns Purdue Pharma’s Opioid Settlement

Tycoon Herald
By Tycoon Herald 3 Min Read Published December 17, 2021
Share
SHARE

Under the crush of thousands of lawsuits, Purdue filed for bankruptcy restructuring in September 2019, which automatically put a hold on all the claims against it.

Nearly two years later, Judge Robert Drain, the bankruptcy court judge in White Plains, N.Y., confirmed a plan that had been approved by a majority of creditors who voted. Purdue would be formally dissolved and would re-emerge as a new company called Knoa Pharma that would still produce OxyContin but also other drugs. The new company’s profits would go to states and communities to fund opioid treatment and prevention efforts.

The Sacklers would renounce their ownership, eventually sell their foreign pharmaceutical companies as well, and contribute $4.5 billion of their fortune to the state and local opioid abatement funds.

In exchange, all lawsuits against Purdue would be extinguished, a benefit typical of bankruptcy. What made the settlement so contentious was the Sacklers’ insistence on being released from all Purdue-related opioid claims, although they had not personally filed for bankruptcy.

In court, lawyers said there are more than 800 lawsuits that name the Sacklers.

After Judge Drain approved the plan, it was immediately appealed by the United States Trustee, a branch of the Justice Department that monitors bankruptcy cases; eight states, including Maryland, Washington and Connecticut; the District of Columbia; and about 2,000 individuals. The appeal was filed in federal district court.

Lawyers challenging the plan argued that the Sacklers had essentially gamed the bankruptcy system. Moreover, they argued, Judge Drain lacked the authority to shut off a state’s power to pursue the Sacklers under its own civil consumer protection laws.

Judge Colleen McMahon of the U.S. District Court for the Southern District of New York in Manhattan.Credit…Caitlin Ochs for The New York Times

“Today’s ruling is a critical development that restores the state’s ability to protect the safety of Marylanders by holding fully accountable those who created or contributed to the opioid crisis, particularly members of the Sackler family,” said Brian E. Frosh, the Maryland attorney general.

You Might Also Like

Seniiors Unveils AI-Enhanced Senior-Care Platform Amid Rapidly Growing AgeTech Market

We Ordered Dandy Worldwide Hoodies – Here’s Why They’re Our New Favorite Hoodies

Inside the $4,890 Carolina Herrera Gown Scandal: Hollywood Hills Wife Exposes

Russia for Business: Experts Who Help Drive Decisions

The De-Asian-izing of Hollywood: How DEI Became a Cosmetic Fix

TAGGED:BankruptciesCompensation for Damages (Law)Decisions and VerdictsDrain, Robert DDrugs (Pharmaceuticals)Justice DepartmentMcMahon, ColleenOffice of the United States TrusteeOpioids and OpiatesOxyContin (Drug)Purdue PharmaSackler FamilySuits and Litigation (Civil)The Forbes JournalTrending
Share This Article
Facebook Twitter Email Copy Link Print
Lawyer Suing Fats Joe Indicted After Allegedly Operating Over Course of Server
Entertainment

Lawyer Suing Fats Joe Indicted After Allegedly Operating Over Course of Server

Lawyer Suing Fats Joe Indicted After Allegedly Mowing Down Course of Server Revealed October 20, 2025 4:42 PM PDT Tyrone Blackburn -- the lawyer suing Fats Joe -- has been…

By Tycoon Herald 2 Min Read
‘Psycho’ Star’s Son Slams ‘Ed Gein’ Sequence, Will not Watch With ’10-Foot Pole’
October 20, 2025
West Ham: Jamie Carragher slams ‘stunning’ efficiency vs Brentford as Gary O’Neil says they ‘look misplaced’
October 20, 2025
Horror Director Eli Roth Plugs Terrifying New Sleepwalking Horror Film
October 20, 2025
Lando Norris and Oscar Piastri may have achieved ‘higher job’ however drivers’ title nonetheless in McLaren’s fingers, says workforce boss Andrea Stella
October 20, 2025

You Might Also Like

The Quiet Shift in America’s Workforce: Why Side Hustles Are Becoming Essential for Women Over 40
BusinessTrending

The Quiet Shift in America’s Workforce: Why Side Hustles Are Becoming Essential for Women Over 40

By Tycoon Herald 4 Min Read
Deborah Dalton: Award-Winning Novels and Film
EntertainmentTrending

Deborah Dalton: Award-Winning Novels and Film

By Tycoon Herald 2 Min Read
The South African Actor conquering the entertainment industry.
EntertainmentTrending

The South African Actor conquering the entertainment industry.

By Tycoon Herald 4 Min Read

More Popular from Tycoon Herald

MEET THE FATHER OF COADUNATE ECONOMIC MODEL
BusinessTrending

MEET THE FATHER OF COADUNATE ECONOMIC MODEL

By Tycoon Herald 2 Min Read
Woman Sentenced to 7 Days in Jail for Walking in Yellowstone’s Thermal Area

Woman Sentenced to 7 Days in Jail for Walking in Yellowstone’s Thermal Area

By Tycoon Herald
Empowering Fintech Innovation: Swiss Options Partners with Stripe to Transform Digital Payments
InnovationTrending

Empowering Fintech Innovation: Swiss Options Partners with Stripe to Transform Digital Payments

By Tycoon Herald 7 Min Read
Leadership

Biden’s Covid-19 Vaccine And Testing Mandates For Large Employers Are Reinstated By Court

U.S. President Joe Biden is seen at the White House in Washington D.C., the United States…

By Tycoon Herald
Entertainment

Adam Carolla Helps Donald Trump’s 100% Overseas-Made Movie Tariffs

Adam Carolla Backs Trump’s Overseas Movie Tariff Deliver Hollywood Again House!!! Revealed Could 7, 2025 7:25…

By Tycoon Herald
Trending

U.S. Blew Up a C.I.A. Post Used to Evacuate At-Risk Afghans

A controlled detonation by American forces that was heard throughout Kabul has destroyed Eagle Base, the…

By Tycoon Herald
Leadership

Northern Lights: 17 Best Places To See Them In 2021

Who doesn’t dream of seeing the northern lights? According to a new survey conducted by Hilton, 59% of Americans…

By Tycoon Herald
Real Estate

Exploring Bigfork, Montana: A Little Town On A Big Pond

Bigfork, Montana, offers picturesque paradise in the northern wilderness. National Parks Realty With the melting of…

By Tycoon Herald
Leadership

Leaders Need To Know Character Could Be Vital For Corporate Culture

Disney's unique culture encourages young employees to turn up for work with smiles on their faces.…

By Tycoon Herald
The Tycoon Herald

Tycoon Herald: Your instant connection to breaking stories and live updates. Stay informed with our real-time coverage across politics, tech, entertainment, and more. Your reliable source for 24/7 news.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact Us

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Terms of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices
© Tycoon Herald. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?