Purdue Urges 2nd Circ. To Quickly Undo Ch. 11 Plan Rejection
By Hailey Konnath (January 18, 2022, 11:13 PM EST) -- Purdue Pharma on Tuesday asked the Second Circuit to overturn a New York federal judge's decision rejecting the embattled drugmaker's Chapter 11 bankruptcy plan, arguing that other courts have long permitted the nonconsensual releases of third-party claims of nondebtors that the judge had flagged.
Purdue said in its filing that all told, 83 decisions have recognized those releases in unique cases and the district court had diverged from this "unbroken chain of authority" in ruling otherwise. The December decision has upended the foundation upon which the plan was "painstakingly built" and at a cost of more than a half-billion dollars, according...
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