If companies instead turn to bankruptcy to permanently and comprehensively cap liability for wrongdoing — the objective not only of Purdue Pharma but also of many other entities over recent decades — they can shortchange the rights of individuals seeking accountability for corporate coverups of toxic products and other wrongdoing...
Wednesday, June 5, 2024
Opinion | How the Supreme Court Case on Purdue Pharma and the Sackler Family Could Change Bankruptcy Law - The New York Times
The maker of OxyContin is one in a long line of companies that have turned Chapter 11 into a legal Swiss Army knife, tackling problems that are a mismatch for its rules. Managing costly and sprawling litigation through bankruptcy can be well intentioned. But Chapter 11 was designed around the goal of helping financially distressed businesses restructure loans and other contract obligations.
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