Said settlement is an abuse of bankruptcy protections meant for debtors in financial distress
The Supreme Court on Thursday rejected Purdue Pharma’s proposed $6 billion bankruptcy settlement. A 5-4 majority opinion by Justice Neil Gorsuch sided with the Biden administration‘s argument that Purdue’s settlement is an abuse of bankruptcy protections meant for debtors in financial distress, not for the owners of the multibillion-dollar opioid company, the Sackler family, who withdrew $11 billion from Purdue before agreeing to contribute $6 billion to its opioid settlement.
