US Supreme Court to scrutinize Purdue Pharma bankruptcy settlement

The court also paused bankruptcy proceedings concerning Purdue and its affiliates and said in a brief order that it would hold oral arguments in December in the administration's appeal of a lower court's ruling upholding the settlement. The court's new term begins in October.to settle thousands of lawsuits filed by states, hospitals, people who had become addicted and others who have sued the Stamford, Connecticut-based company over its misleading marketing of OxyContin.

Purdue estimates that its bankruptcy settlement, approved by a U.S. bankruptcy judge in 2021, would provide $10 billion in value to its creditors, including state and local governments, individual victims of addiction, hospitals, and others who have sued the company. The 2nd Circuit ruled that the legal claims against Purdue were inextricably linked to claims against its owners, and that allowing lawsuits to continue targeting the Sacklers would undermine Purdue's efforts to reach a bankruptcy settlement.

The administration's request was filed on behalf of the Office of the U.S. Trustee, the Justice Department's bankruptcy watchdog.

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