{"id":1996933,"date":"2023-08-10T16:54:02","date_gmt":"2023-08-10T20:54:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/supreme-court-halts-6-billion-purdue-pharma-bankruptcy-agreement\/"},"modified":"2023-08-10T16:55:54","modified_gmt":"2023-08-10T20:55:54","slug":"supreme-court-halts-6-billion-purdue-pharma-bankruptcy-agreement","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/supreme-court-halts-6-billion-purdue-pharma-bankruptcy-agreement\/","title":{"rendered":"Supreme Court stops $6B Purdue Pharma bankruptcy deal."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsupreme-court-halts-6-billion-purdue-pharma-bankruptcy-agreement%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1996933&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The Supreme Court Blocks\u200d Purdue Pharma&#8217;s Bankruptcy \u200dProceedings<\/h2>\n<p>The \u200dSupreme Court delivered \u2064a significant blow to Purdue Pharma, the manufacturer of OxyContin, by halting\u200b its <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/disgruntled-nra-donors-push-to-oust-lapierre\/\" title=\"Disgruntled NRA Donors Push to Oust\u00a0LaPierre\u00a0\">bankruptcy proceedings<\/a>. This decision is a major victory for the Biden administration, \u200cwhich\u2062 has been critical\u200b of\u200d the \u2064$6 billion settlement involving the company.\u2062 The settlement has been accused of providing\u2062 &#8220;unprecedented&#8221; protection\u200c against \u2063<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/supreme-court-halts-6-billion-purdue-pharma-bankruptcy-agreement\/\" title=\"Supreme Court stops B Purdue Pharma bankruptcy deal.\">future \u2063civil \u2063suits<\/a>.<\/p>\n<p>The court&#8217;s\u200b ruling means that \u200cthe case will now be taken up\u2064 and oral arguments will \u2064be heard in December. The dispute revolves \u200caround Purdue Pharma&#8217;s bankruptcy reorganization, which is a result of\u2062 numerous lawsuits regarding \u200bits alleged contribution to the opioid addiction crisis.<\/p>\n<p>One of the key\u200d questions raised by the\u200b <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hollywood-celebs-rage-in-defeat-after-barrett-confirmation-revolting-disgraceful-unconscionable\/\" title=\"Hollywood Celebs Rage in Defeat After Barrett Confirmation: 'Revolting. Disgraceful. Unconscionable'\">high court<\/a> is whether bankruptcy courts have \u200bthe authority\u200d to \u200capprove a\u2063 Chapter 11 reorganization that \u200dreleases \u200bclaims by non-debtors against third parties without the consent of \u200bthe \u2063claimants. This \u2063issue will be further examined through \u2063the filing of briefs by the\u200d involved parties.<\/p>\n<p>In May, Purdue Pharma reached a \u2062settlement with eight states and the District \u200bof Columbia, potentially\u200d exceeding $10 billion in value. \u200dU.S. Solicitor General Elizabeth Prelogar argued that the bankruptcy protection granted \u2063could have &#8220;exceptional and\u200b unprecedented&#8221; implications in terms of\u200d liability release.<\/p>\n<p>As part of \u200dthe \u2063settlement, \u200cthe\u200b Sackler family, who owns Purdue\u2064 Pharma, agreed to\u2062 relinquish \u2064control\u200b of the company, based in Connecticut.<\/p>\n<p>The stay on\u200c the \u200dsettlement\u2064 will be lifted once \u200dthe\u2063 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-braces-for-violence-from-the-left-with-roe-v-wade-ruling-coming-as-early-as-monday\/\" title=\"Biden Admin Braces for Violence (From the Left) With Roe v. Wade Ruling Coming as Early as Monday\">court reaches<\/a> a final decision, which is\u200b expected before June 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>halt any further action until it reaches a decision. This decision is seen as a victory for the Biden administration, as it challenges Purdue Pharma&#8217;s bankruptcy proceedings and the controversial $6 billion settlement that shields the company from future civil suits. The Supreme Court will now review the case before any further progress is made.<\/p>\n","protected":false},"author":1,"featured_media":1996934,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-1996933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1996933","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1996933"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1996933\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1996934"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1996933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1996933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1996933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}