Purdue Pharma Appeals Judge Strikes Down Opioid Settlement
- Surprise ruling will likely be appealed to higher court
- Judge says bankruptcy court can’t give releases to Sacklers
Bottles of Purdue Pharma L.P’s OxyContin medication.
Photographer: George Frey/Bloomberg
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Purdue Pharma LP’s multi-billion dollar opioid settlement was dealt a surprising blow on Thursday when a federal judge reversed a bankruptcy court’s earlier approval of the deal.
U.S. District Judge Colleen McMahon on Thursday struck down the OxyContin maker’s sweeping opioid settlement, putting the accord at risk of collapsing. Supporters of the deal have warned that the alternative to a settlement is years of costly -- and potentially fruitless -- litigation.