Court Told Settlement Is The Best Result For Purdue Ch. 11
Law360 (October 10, 2019, 7:12 PM EDT) -- Bankrupt opioid maker Purdue Pharma LP again touted its proposed settlement of opioid litigation in a New York bankruptcy court Thursday and claimed individual lawsuits against it and company owners the Sackler family could destroy the value of the estate.
Company representatives told U.S. District Court Judge Robert Drain that a settlement that would turn the estate into a public trust and requires the Sacklers to contribute $3 billion or more to address the opioid crisis was the best outcome, and Judge Drain said from the bench that a collective settlement may be the best use of the estate's funds....
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