Credit: JHVEPhoto/Shutterstock.com Background
Purdue Pharma is a privately-held manufacturer of OxyContin, a synthetic opioid, that accounted for roughly 91% of its U.S. revenue. Decision and Order on Appeal, In re Purdue Pharma, No. 7:21-cv-07966-CM, 10 (S.D.N.Y. Dec. 16, 2021) (SDNY decision). Allegedly, Purdue intentionally misled the FDA and medical community by falsely claiming that OxyContin was nonaddictive in order to aggressively increase sales. Purdue's marketing effort was so successful that it earned $34 billion in total revenue between 1996 and 2019. This caused a dramatic increase in opioid abuse, addiction, and overdoses in the United States. From 1999 to 2019, nearly 247,000 people in the United States died from prescription opioid overdoses.Second Circuit Establishes 7-Factor Test for Nonconsensual Releases in Purdue Pharma Bankruptcy Reversal
The Second Circuit's decision is an important step forward, particularly for the personal injury victims, who have not received a single penny from the over $50 billion in opioid-related settlements to date.
June 01, 2023 at 10:37 AM
9 minute read
Bankruptcy
Credit: JHVEPhoto/Shutterstock.com
Background
Purdue Pharma is a privately-held manufacturer of OxyContin, a synthetic opioid, that accounted for roughly 91% of its U.S. revenue. Decision and Order on Appeal, In re Purdue Pharma, No. 7:21-cv-07966-CM, 10 (S.D.N.Y. Dec. 16, 2021) (SDNY decision). Allegedly, Purdue intentionally misled the FDA and medical community by falsely claiming that OxyContin was nonaddictive in order to aggressively increase sales. Purdue's marketing effort was so successful that it earned $34 billion in total revenue between 1996 and 2019. This caused a dramatic increase in opioid abuse, addiction, and overdoses in the United States. From 1999 to 2019, nearly 247,000 people in the United States died from prescription opioid overdoses.
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