Fight Over Sackler Deal On Hold For Purdue Ch. 11 Plan Talks

Law360 (October 28, 2020, 7:37 PM EDT) -- Whether Purdue Pharma's unsecured creditors can stop the Sackler family from using corporate funds to pay a $225 million fine that's part of the $8 billion OxyContin settlement with the federal government will wait for parties to negotiate over the company's Ch. 11 plan, a New York bankruptcy judge said Wednesday.

Following a telephone hearing, U.S. Bankruptcy Judge Robert Drain told counsel for the Sackler family, which owns Purdue, that while he was inclined to agree that the payment should be allowed, he would wait for a November hearing before ruling to see if either a Chapter 11 plan settlement or...

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