Purdue Pharma Appeals Judge Strikes Down Opioid Settlement (3)

Purdue Pharma LP’s multi-billion dollar opioid settlement was dealt a surprising blow on Thursday when a federal judge reversed a bankruptcy court’s earlier approval of the deal.

U.S. District Judge Colleen McMahon on Thursday struck down the OxyContin maker’s sweeping opioid settlement, putting the accord at risk of collapsing. Supporters of the deal have warned that the alternative to a settlement is years of costly -- and potentially fruitless -- litigation.

Purdue Pharma said in a statement that it will appeal. In the meantime, it’s a victory for a handful of state attorneys general and an arm of the ...