Judge Overturns Purdue Pharma’s Opioid $4.5 Billion Bankruptcy Settlement

A federal judge rejected a $4.5 billion bankruptcy settlement of thousands of lawsuits over the opioid epidemic recently. The settlement would have granted the Sackler family immunity from civil lawsuits linked to their company, Purdue Pharma, the manufacturer of OxyContin.

Bankruptcy Settlement

In September 2019, the company filed for bankruptcy after facing nearly 3 000 lawsuits. The company was accused of worsening the public health crisis. The opioid crisis has caused the deaths of more than half a million Americans since 1999.

In 2019, out of the 71,000 drug overdose deaths, 70.6% were blamed on Opioids. Regardless of the company's denial, the pharma firm pleaded guilty to three criminal charges in November 2020.

Chapter 11 is a section of the US bankruptcy code that pos...

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