Case Summaries (eNews)

Purdue Bankruptcy Plan Vacated—No Authority for Sackler Family Releases

Yesterday, District Court Judge Colleen McMahon vacated Bankruptcy Judge Robert Drain’s confirmation of the Purdue Plan of Reorganization (In re Purdue Pharma L.P., no. 21-cv-07532 (S.D.N.Y. Dec. 16, 2021)). As discussed in IMLA’s Opioid Group calls, under the Plan, the Sackler family members were to receive complete releases from all civil liability--even though they did not personally file for bankruptcy--in exchange for contributing $4.5 billion to be distributed to creditors via various “abatement trusts.” But eight states and the US Attorney...