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Debtors Chapter 11 OxyContin

Venable LLP

Supreme Court Strikes Down Bankruptcy Courts’ Ability to Order Non-consensual Third-Party Releases

Venable LLP on

Last week, in a 5-to-4 decision in the case of Harrington, United States Trustee, Region 2 v. Purdue Pharma L.P, et al., the U.S. Supreme Court struck down the ability of bankruptcy courts to order non-consensual third-party...more

Shumaker, Loop & Kendrick, LLP

Purdue Pharma Third Party Releases: A Bitter Pill To Swallow - Eurofenix, Autumn 2023

David Conaway reports on a recent Chapter 11 plan of reorganization submitted by Purdue Pharma (Oxycontin) to resolve a mass tort claim. The Supreme Court of the United States (SCOTUS) is having difficulty swallowing the...more

A&O Shearman

Second Circuit Picks a Side in Non-consensual Third-party Releases in Highly Anticipated Purdue Opinion

A&O Shearman on

Non-consensual third-party releases are provisions in reorganization plans that release non-debtor parties from liability to other non-debtor parties without the consent of all potential claimholders. These releases are...more

Proskauer - Minding Your Business

The (Third) Party’s Over? Recent Decisions Cast Doubt on the Continued Vitality of Third Party Releases in Chapter 11...

Two recent decisions by U.S. District Courts have rejected attempts to include nonconsensual third party releases in chapter 11 reorganization plans. These rulings suggest third party releases may be facing increasing push...more

Vinson & Elkins LLP

In re Purdue Pharma L.P.: S.D.N.Y. Holds Bankruptcy Court Lacks Statutory Authority to Approve Sackler Family Releases

Vinson & Elkins LLP on

On December 16, 2021, in a significant decision, the United States District Court for the Southern District of New York (the “District Court”) vacated the order confirming the chapter 11 plan of Purdue Pharma L.P. (“Purdue”)...more

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