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|
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.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllUS Bankruptcy Filings Rise 16.2% as Interest Rates, Inflation, and End of COVID Relief Hit Hard
3 minute read200 Hrs. of Partner Prep Guides Quinn Emanuel's Incredibly Detailed Mock Bankruptcy Trial
Corporate Bankruptcies Slow Down in Q3 as Weil, Davis Polk and Sidley Earn Major Retentions
Supreme Court Expands Insurers' Rights by Holding That Insurers Are 'Parties in Interest' in Bankruptcy Proceedings
9 minute readTrending Stories
- 1Trump's Return to the White House: The Legal Industry Reacts
- 2Infant Formula Judge Sanctions Kirkland's Jim Hurst: 'Overtly Crossed the Lines'
- 3Climate Disputes, International Arbitration, and State Court Limitations for Global Issues
- 4Election 2024: Nationwide Judicial Races and Ballot Measures to Watch
- 5Judicial Face-Off: Navigating the Ethical and Efficient Use of AI in Legal Practice [CLE Pending]
- 6How Much Does the Frequency of Retirement Withdrawals Matter?
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250