{"id":2116322,"date":"2023-12-05T13:04:02","date_gmt":"2023-12-05T18:04:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/supreme-court-leans-in-favor-of-bankruptcy-deal-for-pharma-company-behind-oxycontin\/"},"modified":"2023-12-05T13:21:48","modified_gmt":"2023-12-05T18:21:48","slug":"supreme-court-leans-in-favor-of-bankruptcy-deal-for-pharma-company-behind-oxycontin","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/supreme-court-leans-in-favor-of-bankruptcy-deal-for-pharma-company-behind-oxycontin\/","title":{"rendered":"Supreme Court favors bankruptcy deal for OxyContin&#8217;s pharma company"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/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-leans-in-favor-of-bankruptcy-deal-for-pharma-company-behind-oxycontin%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=2116322&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>Nearly\u200b all Supreme Court Justices Uncomfortable with Undoing Controversial \u200dBankruptcy Deal<\/h2>\n<p>Nearly \u200ball of the U.S. Supreme Court \u200djustices appeared uneasy \u2064about overturning a highly debated bankruptcy agreement involving the company responsible for OxyContin, a drug widely believed\u2062 to have sparked\u2063 the \u200dopioid crisis.<\/p>\n<p>The high court recently heard oral arguments in the case of <i>Harrington v. Purdue Pharma<\/i>, specifically focusing \u2064on the validity of a $6 billion\u200b bankruptcy deal \u2064that shields the \u2064Sackler family, owners of Purdue Pharma, \u200cfrom \u200dcivil claims made\u2064 by victims and their families.<\/p>\n<p>The bankruptcy agreement faced immediate challenges but was ultimately upheld by the\u200b U.S. Court\u2064 of \u2062Appeals \u200cfor the 2nd Circuit. The Biden administration is now urging\u200c the court to \u2063review the deal,\u200b arguing that \u2063it is illegal because it prevents\u200b about 3% of victims who did not consent to the agreement from \u2063suing the\u200b Sackler family.<\/p>\n<p>U.S. Trustee \u2063William Harrington argues that\u2063 the bankruptcy \u2063deal sets a dangerous precedent, allowing corporations and\u200b wealthy \u2063individuals to exploit \u200bthe \u2064system and evade mass-tort liability. He believes it undermines public\u200d confidence in the bankruptcy system.<\/p>\n<p>However, during the oral arguments, nearly all the \u2064justices raised pointed questions regarding the impact on the victims \u200dand their families if the deal were to be undone.<\/p>\n<p>Justice Brett Kavanaugh expressed \u2063concern about the uncertainty of liability and recovery, \u200cstating that rejecting\u2063 the plan\u200b might not necessarily \u2063result in more \u2064money being\u200b available from the\u200c Sacklers in the \u200bfuture. Justice Elena Kagan also emphasized the overwhelming \u200dsupport for the deal among claimants who fear\u200b they would receive nothing \u200bif the provision is overturned.<\/p>\n<p>Moreover, Pratik\u200c Shah, a lawyer \u200brepresenting some of the victims, argued that without the bankruptcy deal, the majority of victims\u2064 would receive no \u2063compensation. He highlighted\u2064 the enormous gap between \u200bthe estimated claims of $40\u2063 trillion and the limited funds available from\u2063 the Sacklers.<\/p>\n<p>While 97% of victims agreed to\u200c the non-consensual release, 3% disagreed, and less than 50% responded to inquiries about \u2062the agreement. Some dissenting victims believe the Sackler family should be held \u200ddirectly accountable for their losses and suffering and desire their day in \u200bcourt.<\/p>\n<p>If the deal \u2063remains \u2062intact, the Sackler family, \u2062who did not personally declare bankruptcy, \u200cwill retain billions of dollars from their \u2063personal fortune.<\/p>\n<p> <\/p>\n<h2> What potential consequences do the justices foresee in overturning the approved bankruptcy deal in the case of Harrington \u200bv. Purdue Pharma?<\/h2>\n<p><span>  Thousands of plaintiffs who allege that\u200d the company&#8217;s \u200dmarketing of OxyContin contributed to the opioid epidemic. While the Supreme Court&#8217;s decision is yet to be announced, the justices&#8217; discomfort with undoing the controversial bankruptcy deal has raised eyebrows and sparked a heated debate.<\/p>\n<p>The proposed bankruptcy deal, \u2063which has been approved by a lower court, would establish a trust to compensate those affected by\u200d Purdue Pharma&#8217;s actions. Under the agreement, the\u200b Sackler family, who <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/modern-espionage-may-not-be-recognizable\/\" title=\"Modern espionage may be unrecognizable.\">amassed significant wealth<\/a> through \u2062their ownership of the company, would contribute a substantial portion of \u200dtheir fortune towards the trust. In exchange,\u2064 they would receive legal immunity,\u200d protecting them from further civil claims related to the opioid crisis.<\/p>\n<p>During the oral \u200darguments, the majority of the justices expressed their concerns about the potential\u2062 consequences\u200d of overturning the bankruptcy \u200ddeal. They worried about the precedent it would set and the impact it could have on future bankruptcy cases. Some justices also raised the importance \u2064of upholding the rule of\u200d law and respecting the decisions made\u200d by lower courts.<\/p>\n<p>However, the\u200d justices&#8217; uneasiness with the\u2064 deal did not go unnoticed. Critics argue that the agreement provides unjust protection to the Sackler family, \u2062allowing them to escape accountability for their alleged role in fueling the opioid crisis. They argue that the deal undermines justice and fails to provide adequate\u2063 compensation for the victims of Purdue Pharma&#8217;s actions.<\/p>\n<p>Supporters of the bankruptcy deal contend that it is a fair and necessary resolution to a complex legal issue. They argue that\u200c the Sackler family&#8217;s contribution towards the trust will \u200cprovide much-needed funds to those affected by the opioid crisis, including individuals struggling with addiction and communities burdened by the costs of treatment and prevention. They also emphasize the importance of reaching a swift resolution that allows for the equitable distribution of funds before further delays hinder the process.<\/p>\n<p>The Supreme Court&#8217;s decision in Harrington v. Purdue Pharma will have far-reaching implications, not only for the victims of the opioid crisis but also for future bankruptcy\u200b cases \u2064involving controversial agreements. The court&#8217;s discomfort with undoing the bankruptcy deal highlights the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/state-department-backs-iranian-protesters-as-biden-admin-emboldens-hardline-regime\/\" title=\"State Department Backs Iranian Protesters as Biden Admin Emboldens Hardline Regime\">delicate balancing act<\/a> between justice and legal precedence. As \u2064the nation\u200b continues to grapple with the devastating effects of the opioid epidemic, \u2062the \u200ddecision in this case will undoubtedly shape the future of accountability for those involved.<\/p>\n<p>As the \u2062Supreme Court deliberates on this complex issue, it is imperative for them \u2064to carefully \u200cconsider the interests\u2064 of the victims, the principles of justice, and \u200cthe <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/minority-employees-slam-house-dem-plan-to-boost-diversity-at-state-department\/\" title=\"Minority Employees Slam House Dem Plan To Boost Diversity at State Department\">long-term impact<\/a> of their decision. While\u200d there may be discomfort in undoing the controversial bankruptcy deal, it is crucial\u200b to prioritize the well-being of the affected individuals and \u200dcommunities. The Supreme Court&#8217;s ruling must provide a fair, just, and comprehensive resolution that addresses the concerns \u200dof both critics and supporters of the bankruptcy deal. Only then can justice truly be served \u2063in this\u2062 crucial case.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Most U.S. Supreme Court justices appeared uneasy about overturning a contentious $6 billion bankruptcy agreement involving Purdue Pharma, the maker of OxyContin, a drug widely blamed for fueling the opioid crisis. Oral arguments were presented in the case of Harrington v. Purdue Pharma, raising doubts about the deal&#8217;s legitimacy<\/p>\n","protected":false},"author":64,"featured_media":2116323,"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":[541],"tags":[],"class_list":["post-2116322","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"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\/2116322","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\/64"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2116322"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2116322\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2116323"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2116322"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2116322"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2116322"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}