NEW YORK - Purdue Pharma on Tuesday asked a U.S. bankruptcy judge for a 60-day freeze on lawsuits against its owners, members of the wealthy Sackler family, in its first court appearance since a landmark Supreme Court ruling upended its bankruptcy settlement.
Purdue's bankruptcy has stopped opioid lawsuits from proceeding against the Stamford, Connecticut-based drugmaker since 2019, and Purdue has extended that legal protection to the Sacklers as well. The proposed mediators are retired bankruptcy judge Shelley Chapman, who brokered a previous deal under which the Sacklers agreed to pay up to $6 billion to settle the opioid lawsuits, and mediator Eric Green.If mediation fails, Purdue has said a court-appointed committee representing its creditors should be allowed to sue the Sacklers over claims that they drained over $11 billion from the company and that their conduct made Purdue liable for other lawsuits.
Purdue and members of the Sackler family have expressed optimism that a new settlement can be reached after the Supreme Court ruling. The previous deal was supported by attorneys general from all 50 states, as well as local governments and a large majority of the individual opioid victims who voted on it.
JPMorgan clients generating as much as $2 billion each said they were optimistic about the economy despite high interest rates, geopolitical concerns, and uncertainty around the U.S. election.Defining the middle class is tricky. According to the Pew Research Center, you could be considered "middle class" if your household income is two-thirds to double the national median income -- so...
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