{"id":1998474,"date":"2023-08-11T23:47:02","date_gmt":"2023-08-12T03:47:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-supreme-court-halts-purdue-pharma-bankruptcy-settlement-pending-review\/"},"modified":"2023-08-11T23:48:35","modified_gmt":"2023-08-12T03:48:35","slug":"us-supreme-court-halts-purdue-pharma-bankruptcy-settlement-pending-review","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-supreme-court-halts-purdue-pharma-bankruptcy-settlement-pending-review\/","title":{"rendered":"US Supreme Court pauses Purdue Pharma bankruptcy settlement for review."},"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\">20<\/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%2Fus-supreme-court-halts-purdue-pharma-bankruptcy-settlement-pending-review%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=1998474&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--><div class=\"entry-content\">\n<p><strong>Supreme Court to Hear Challenge to Purdue Pharma&#8217;s Bankruptcy Settlement<\/strong><\/p>\n<p>By John \u2064Kruzel and Andrew\u200b Chung<\/p>\n<p>WASHINGTON \u2063(Reuters) &#8211; The U.S. Supreme\u200b Court\u200b has agreed to hear a \u200bchallenge by President\u2063 Joe\u200b Biden\u2019s administration to the legality of OxyContin\u2063 maker Purdue Pharma\u2019s bankruptcy\u200c settlement. This decision puts on \u200bhold a deal that would protect the wealthy Sackler family owners from\u2062 lawsuits related to their involvement in the country\u2019s opioid epidemic.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>The justices have paused bankruptcy proceedings concerning Purdue and its affiliates. They have announced that oral arguments will take place in December for the administration\u2019s appeal of a lower court\u2019s ruling that upheld\u200c the settlement. The Supreme Court\u2019s new term begins in October. <\/p>\n<p>Under \u200cthe settlement, Purdue\u2019s\u2063 owners would receive immunity in exchange for paying up to\u200d $6 billion to \u2064settle thousands of lawsuits filed against the company. These lawsuits were\u2064 brought by states, hospitals, \u2062individuals who became\u200b addicted, and others who have sued Purdue over its misleading marketing of the powerful \u200bpain medication\u2063 OxyContin.<\/p>\n<p>In response to the\u2062 Supreme Court&#8217;s decision, Purdue expressed disappointment with the U.S. Trustee,\u2063 the Justice Department\u2019s bankruptcy watchdog\u2063 that filed the\u200d challenge. \u2063Purdue stated that the delay\u200c caused by the challenge prevents billions of dollars from being used for\u200c victim compensation\u2064 and\u2062 addressing the opioid crisis.<\/p>\n<p>The Justice \u200cDepartment\u200b declined\u200d to\u2062 comment\u2063 on the matter. <\/p>\n<p>The key issue\u200b at hand is whether U.S. \u200bbankruptcy law allows Purdue\u2019s restructuring to include legal protections for the Sackler family members, who have not filed for personal bankruptcy.<\/p>\n<p>Purdue filed for Chapter 11 bankruptcy \u200din 2019\u2062 to address\u2063 its debts, which primarily stemmed from lawsuits alleging that\u200c OxyContin played a significant role in the opioid epidemic that has resulted in over 500,000 U.S. overdose deaths over the past two \u2062decades.<\/p>\n<p>Purdue \u200bestimates that its \u200bbankruptcy settlement, approved by \u200da U.S. bankruptcy judge in 2021, would provide $10 billion\u200b in value to its creditors, including state and local governments, individual victims of addiction, hospitals, \u200cand others \u2064who have sued the \u2062company. <\/p>\n<p>The Biden administration and eight states initially challenged the settlement, but all of the states dropped their opposition after the Sacklers agreed \u200dto contribute more\u2062 to the \u2062settlement fund. <\/p>\n<p>In May, the 2nd Circuit\u2062 upheld the settlement, \u200dconcluding that federal bankruptcy law allows\u200c legal protections for non-bankrupt parties like the Sacklers in extraordinary circumstances. <\/p>\n<p>The 2nd Circuit ruled that the legal claims against Purdue\u2063 were closely linked to claims against its owners. Allowing\u200d lawsuits to continue targeting the Sacklers would\u2063 undermine Purdue\u2019s efforts to reach a bankruptcy\u2062 settlement.<\/p>\n<p>Members\u200c of the\u2064 Sackler family\u200b have denied\u2064 wrongdoing but expressed regret that\u2063 OxyContin \u201cunexpectedly\u200c became part\u2063 of an opioid crisis.\u201d They stated \u2062in \u200dMay that the bankruptcy settlement would provide \u2064\u201csubstantial \u200bresources for people and communities\u200b in need.\u201d<\/p>\n<p>In a court filing, the administration told the Supreme Court that Purdue\u2019s settlement is an abuse of bankruptcy\u2063 protections meant \u2063for debtors in \u201cfinancial distress,\u201d \u2063not individuals like the Sacklers. According to the administration, Sackler\u2063 family members withdrew\u2062 $11 \u200bbillion from Purdue before agreeing to contribute $6 billion to \u200cits opioid \u200dsettlement.<\/p>\n<p>Many other stakeholders have responded\u2063 in opposition to the administration\u2019s request to \u2062halt \u200dthe settlement.<\/p>\n<p>A group comprising more than 60,000 people who have <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-supreme-court-halts-purdue-pharma-bankruptcy-settlement-pending-review\/\" title=\"US Supreme Court pauses Purdue Pharma bankruptcy settlement for review.\">filed personal injury claims stemming<\/a> from\u200d their exposure\u200d to Purdue\u2063 opioid \u2063products told the Supreme\u200c Court they support the settlement, including legal immunity for members of the Sackler family.<\/p>\n<p>\u201cRegardless\u2063 of how one feels about the role of the Sackler family in the\u2064 creation and escalation of the opioid crisis,\u201d the group told \u200dthe justices,\u200d \u201cthe fact remains that the billions of dollars in abatement and \u200bvictim compensation funds hinge on confirmation and consummation of the existing plan.\u201d<\/p>\n<p>  (Reporting by John\u2062 Kruzel in\u2064 Washington and Andrew Chung in New York; Additional\u200c reporting by Dietrich Knauth in New York; Editing by \u2063Will Dunham)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/business\/us-supreme-court-halts\/attachment\/file-photo-a-pharmacist-holds-a-bottle-oxycontin-made-by\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>David\u2063 Weiss becomes Special Counsel in the\u200d Hunter Biden probe, while Sam Bankman-Fried trades his mom\u2019s basement \u200cfor a jail cell.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>With less than two weeks\u2064 before the \u200cfirst GOP Presidential \u2064debate, media and \u200cpolitical strategist Adam Weiss says it would be \u200dbeneficial for Trump not to participate.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>The lack of answers \u200bfrom the Biden Administration continues\u2062 to cause frustration from\u2064 families who lost loved ones during the U.S. withdrawal from Afghanistan.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>California\u2019s Attorney General Rob Bonta is now investigating Chino Valley Unified School \u2064District after they adopted\u2063 a policy that will require the school to notify \u200cparents if their\u200b child \u2062identifies as transgender, requests to be \u200ccalled by different pronouns and wants to \u200duse a \u2063different bathroom. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>NEW YORK (Reuters) \u2013 Australia-listed investment\u200d firm GQG Partners added \u200dmore shares \u200bof\u2064 Nvidia Corp in the second quarter,\u200d ending June\u200b with\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Daniel Trotta EL CAJON,\u2062 California (Reuters)\u200c \u2013 California firefighters are using artificial intelligence to help spot wildfires, \u200cfeeding video from more\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>(Reuters) \u2013 The U.S. Securities and Exchange Commission (SEC) has delayed a decision \u200bon whether to approve Cathie Wood-led Ark Investment Management\u2019s\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>WASHINGTON (Reuters) -A\u2064 U.S. <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-problems-of-working-from-home\/\" title=\"Challenges of Remote Work\">cyber safety body<\/a> will review issues relating to cloud-based identity and authentication infrastructure\u2062 that will \u2062include \u2064an assessment\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The US Supreme Court will review President Biden&#8217;s challenge to Purdue Pharma&#8217;s bankruptcy settlement, which aims to protect the Sackler family from lawsuits related to their involvement in the opioid crisis. The deal is now on hold. (55 words)<\/p>\n","protected":false},"author":66,"featured_media":1998475,"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":[542],"tags":[],"class_list":["post-1998474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"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\/1998474","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\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1998474"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1998474\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1998475"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1998474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1998474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1998474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}