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Purdue Pharma Says Its Bankruptcy Deal Is Fairest to Creditors

  • OxyContin maker argues no better lawsuit resolution exists
  • West Virginia Attorney General pushes on payout method
Purdue Pharma OxyContin medication.

Purdue Pharma OxyContin medication.

Photographer: George Frey/Bloomberg

Updated on

During the final day of argument in Purdue Pharma’s bankruptcy trial, lawyers for the OxyContin maker said its proposed $10 billion settlement of opioid claims is by far the best deal for creditors. 

Seeking to convince U.S. Bankruptcy Judge Robert Drain that Purdue’s proposal is better than a liquidation of the business and free-for-all litigation stampede against itself and its owners, Marshall Huebner of Davis Polk & Wardwell, said the plan would deliver at least $5.5 billion of cash to creditors. The fact that most U.S. states now support the deal rather than pushing to continue their own “speculative” lawsuits shows the deal is sufficient, he added.