Purdue Pharma Director Grilled On Proposed Opioid Settlement

Purdue Pharma’s quest to settle thousands of lawsuits over the toll of OxyContin and its other prescription opioid painkillers entered its final phase Thursday with the grudging support of those who have claims against the company, Geoff Mulvihill reported for the Associated Press (AP).

Photo Insert: One Stamford Forum in Stamford, Connecticut serves as the headquarters of Purdue Pharmaceuticals.

But the lingering opposition from some state attorneys general took center stage in the first day of a confirmation hearing in the US Bankruptcy Court about the company’s reorganization plan.

Questions from a lawyer representing Connecticut voiced the concern that states are being forced to accept the deal with both Purdue and members of the wealthy Sackler family who own the company.

The attorney, Irve Goldman, essentially asked John Dubel, a corporate turnaround expert who was installed as a member of Purdue’s board of directors two years ago, why states should not go to trial.

“Is it a reasonable view for a creditor or sovereign state to want their claims resolved through an adversarial process so their view of justice should be served?” Goldman asked.

Dubel said he understood that states have that complaint, but added: “We have 95-plus percent support from all of our creditors” and that the Sacklers’ planned contribution to the settlement is “fair and equitable.”

The confirmation hearing, which could stretch out over two weeks, comes nearly two years after Purdue filed for bankruptcy as a way to settle about 3,000 legal claims filed against it by state and local governments, Native American tribes, and others.

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