Purdue Pharma Gets Reprieve From Litigation, Sacklers to Disclose Finances
Purdue Pharma and the Sackler family have until Nov. 6 to try to convince states to halt litigation against them for six months to allow the company’s bankruptcy to go ahead.
In a ruling, Judge Robert Drain of the U.S. Bankruptcy Court for the Southern District of New York ordered a stay on thousands of lawsuits against Purdue Pharma, giving Purdue until Nov. 6 to convince two dozen states that have not agreed to its proposed $10 billion settlement to go along with a six-month stay on litigation.
The Sacklers have also agreed to provide the states more information about their personal finances during that time.
Connecticut Attorney General William Tong said on Twitter that while he is disappointed by the ruling, he is pleased that the company now has less than 30 days to convince the remaining states to accept a settlement.