Purdue bankruptcy hearing underway in New York

(17 Sep 2019) A judge heard arguments to decide whether lawsuits against members of the Sackler family that owns Purdue Pharma can go ahead with the company seeking bankruptcy protection and considered routine matters such as whether the company can keep paying its taxes and utilities.
Joe Rice, co-lead counsel representing municipalities suing Purdue Pharma said the goal of the day was to ensure that the company is able to continue to function “day to day.”
Several states are preparing to fight the company’s bankruptcy plan, which includes a settlement deal that could be worth up to $12 billion.
States that oppose it say that members of the Sackler family need to be made to pay more than the $3 billion to $4.5 billion called for in the settlement.
The bankruptcy filing will at least pause more than 2,000 suits aiming to hold the company accountable for its role in the opioid crisis.

Find out more about AP Archive:
Twitter:
Facebook:
Google+:
Tumblr:
Instagram:

You can license this story through AP Archive:

source