Purdue Pharma Ch. 11 Plan Gets OK With Sackler Releases

By Rick Archer (September 1, 2021, 4:39 PM EDT) -- A New York bankruptcy judge on Wednesday approved OxyContin maker Purdue Pharma's Chapter 11 plan, including contentious opioid liability releases for the company's now-former Sackler family owners.

The headquarters of Purdue Pharma in Stamford, Connecticut. (AP Photo/Mark Lennihan) In a more than six-hour virtual bench ruling, U.S. Bankruptcy Judge Robert Drain said that while he had hoped to see a larger recovery on the claims against Purdue for its alleged role in the opioid crisis, Purdue's Chapter 11 plan was a better result than liquidating its assets and the settlement with the Sacklers was necessary for the plan.

"I am not prepared,...

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