NEW: A U.S. judge says he would approve OxyContin maker Purdue Pharma LP’s bankruptcy reorganization plan, clearing a path to resolve thousands of opioid lawsuits and shielding the Sackler family from future opioid litigation.
Drain said it was clear the wrongful marketing of the company's opioid products contributed to the country's addiction crisis, which touched every corner of the country."That makes the bankruptcy case before me highly unusual and complex," said Drain, who spent more than six hours reading his ruling from the bench.
The Sacklers have denied allegations, raised in lawsuits and elsewhere, that they bear responsibility for the opioid epidemic. They have said they acted ethically and lawfully while serving on Purdue's board. Still, the evidence showed the plan was negotiated by the creditors who all viewed the Sacklers as"the other side, the opposition, the potential defendants," Drain said."This is not the Sacklers' plan."
More than 95% of creditors voting approved Purdue's restructuring, far above the legal threshold required for a bankruptcy judge's blessing.Sackler family members behind Purdue were prolific philanthropists, with their names on museum wings and other cultural institutions.
Both he and Mortimer D.A. Sackler, another Purdue owner, described the painkiller's contribution to the epidemic as unintentional. Mortimer said he was"sorry." Purdue's owners are descendants of the late Raymond and Mortimer Sackler. Another Sackler, Arthur, died in 1987 and his shares in a predecessor company were sold before OxyContin's introduction.
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