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OxyContin maker bankruptcy deal goes before the Supreme Court

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( ) -q-18- UNDATED (Correspondent Jeremy House) “give up ownership.”

The Supreme Court is hearing arguments over a nationwide settlement with OxyContin maker Purdue Pharma.

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TAG: Correspondent Jeremy House reporting. The agreement also stipulates that the company would emerge from bankruptcy as a different entity, with its profits used for treatment and prevention. But the justices put the settlement on hold during the summer, in response to objections from the Biden administration. Arguments take place Monday.

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VERBATIM: The settlement would shield members of the Sackler family, who own the company, from civil lawsuits over the toll of opioids. The agreement hammered out with state and local governments and victims would provide billions of dollars to combat the opioid epidemic. The Sacklers would contribute up to $6 billion and give up ownership.

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