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State AGs agree to (temporarily) halt opioid lawsuits against Purdue Pharma

  • Embattled Oxycontin seller Purdue Pharma has convinced 24 states and the District of Columbia to comply with a bankruptcy court injunction stopping opioid epidemic-related lawsuits against the company and Sackler family.
  • The extension allows more time to conclude settlement talks according to company lawyer Marshall Huebner. The defendants have proposed a broad settlement under which they would cede the business to creditors plus a $3B cash payment but many plaintiffs have opposed the deal as insufficient compensation.
  • The Sacklers will have to personally contribute in order to resolve the claims, but the exact amount is being hotly debated.
  • Related tickers: McKesson (NYSE:MCK), AmerisourceBergen (NYSE:ABC), Cardinal Health (NYSE:CAH), Mallinckrodt (NYSE:MNK), Endo International (NASDAQ:ENDP), Teva Pharmaceutical Industries (NYSE:TEVA), Johnson & Johnson (NYSE:JNJ)

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