Purdue Pharma Bankruptcy Hearings

By Brittany Mierzwa – Purdue Pharma faces over 600,000 claims in the United States Bankruptcy Court, Southern District of New York, in front of the Honorable Judge Robert D. Drain. Approximately 130,000 of these claims are Personal Injury, with a proposed settlement of a collective 700 to 750 Million Dollars. In the proposed restructuring plan published by Prime Clerk on March 15th, a three-tier scoring system was introduced to determine how claimants will get paid. Tiers have not been defined with definitive details; additional information is expected to be required to qualify a claim into a tier. An easy payment option has been suggested for claimants to accept a lower award amount if they are unable to provide the required information.

While hearings continue, two dozen State Attorneys General have rejected the proposed plan demanding more money up front from the Sackler Family, suggesting the family could walk away with impunity. In the proposed plan the Sackler Family would give up ownership and make payments over the next decade in the amount of 4.2 billion dollars of personal money to the settlement. Currently unnamed, referred to as NewCo, Purdue Pharma will transfer remaining assets to NewCo with a focus to address the opioid crisis.

The Nations Law Firm is actively watching the Purdue Pharma Bankruptcy claim, if you have questions about your case please call our office at (800)269-3050.

https://restructuring.primeclerk.com/purduepharma/Home-Index

https://www.boisestatepublicradio.org/2021-03-15/purdue-pharma-offers-restructuring-plan-sackler-family-would-give-up-ownership