A federal judge on Tuesday extended a legal shield protecting the Sackler family owners of Purdue Pharma from lawsuits to Feb. 17, as they try to reach a deal with several states to settle sprawling litigation stemming from the U.S. opioid crisis.
Purdue, maker of the highly addictive OxyContin opioid painkiller, filed for bankruptcy in 2019 in the face of thousands of lawsuits accusing it and the Sacklers of fuelling an American opioid epidemic through deceptive marketing. On Monday, the mediator reported that the Sacklers were nearing an agreement to boost their more than $4.3 billion cash contribution to resolve the litigation after negotiating with states that objected to the original terms.
If the Sacklers’ legal protection were allowed to expire, the family and Purdue would be swept up in a “a firestorm of unco-ordinated litigation” that would destroy any value the company has left, Purdue attorney Marshall Huebner told the judge on Tuesday.The current round of mediation began in January, after a U.S. district judge ruled that Purdue’s bankruptcy reorganization plan improperly shielded Sackler family members, who had not filed for Chapter 11 themselves, from opioid litigation.
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