Purdue Sues In Ch. 11 To Access $3.3B Insurance Funds

Law360 (February 1, 2021, 6:00 PM EST) -- Certain Purdue Pharma entities and two creditor committees jointly filed an adversary suit Friday in New York bankruptcy court seeking access to at least $3.3 billion in insurance funds as the pharmaceutical giant moves closer to filing a Chapter 11 plan.

In a suit against more than 20 insurance carriers filed in the U.S. Bankruptcy Court for the Southern District of New York, certain Purdue debtor entities, the official committee of unsecured creditors, and an ad hoc committee of governmental and other litigation claimants asked the court to declare that Purdue is eligible for coverage under various insurance policies to help...

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