Purdue

Supreme Court’s Purdue Ruling Shapes New Settlement Strategies in Mass Tort Bankruptcy Cases

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New York, NY — The recent ruling by the U.S. Supreme Court regarding bankruptcy claims has significant implications for how nondebtors can settle disputes related to a debtor’s bankruptcy estate. Following the court’s decision in the Purdue Pharma case, third-party claimants cannot have resolutions imposed on them without their explicit consent, even if those claims are closely linked to the debtor’s bankruptcy. Two notable mass tort cases illustrate the ongoing efforts by debtors and third parties to forge comprehensive settlements despite the challenges highlighted by the Purdue decision. These cases include the bankruptcy filings of … Read more

Purdue Pharma’s $7 Billion Opioid Settlement Gains Momentum as All 50 States Show Support

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A judge in New York is poised to potentially approve a $7 billion settlement involving Purdue Pharma, following unanimous support from all 50 states. This agreement stems from the pharmaceutical company’s role in the opioid crisis that has claimed countless lives across the nation. Under the settlement, Purdue Pharma will be required to allocate funds toward treatment programs, addressing the impacts of addiction, and enhancing public health initiatives. This financial commitment underscores a significant step in the ongoing efforts to combat the opioid epidemic that has devastated communities and strained healthcare systems. The settlement framework … Read more

Supreme Court Ruling Reshapes Future of Mass Tort Bankruptcy Settlements: Purdue Pharma Case Unravels Traditional Protections for Insurers

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Washington, D.C. — In a landmark decision, the U.S. Supreme Court has issued a ruling that will reshape the landscape of bankruptcy law, particularly affecting how companies deal with mass tort liabilities through Chapter 11 bankruptcy cases. This decision notably impacts liability insurers who often resort to bankruptcy proceedings to resolve large-scale legal claims. At the center of this pivotal case is Purdue Pharma, the pharmaceutical giant behind OxyContin. This drug, marketed as a time-released painkiller, became wildly popular, turning into the most prescribed opioid in the United States. This, however, came at a steep … Read more

Major Legal Symposium to Examine the Future of Mass Litigation in Wake of ‘Harrington v. Purdue’ Decision

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New York, NY – In the evolving landscape of U.S. legal proceedings, mass torts and class action lawsuits represent a significant area of focus that challenges the balance between efficiency, fairness, and access to justice. Among these, the ongoing opioid crisis stands out as a key example of the complexities involved in managing and resolving large-scale legal disputes through the judiciary system. For decades, federal courts have employed mechanisms such as class actions and multidistrict litigation to manage mass torts, and in the 21st century, bankruptcy proceedings have increasingly become a tool to consolidate claims … Read more