Supreme Court to hear Purdue Pharma bankruptcy case

ABC News business reporter Alexis Christoforous reports on the major bankruptcy settlement for Purdue Pharma, the maker of opioid painkiller OxyContin.
2:09 | 12/04/23

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Transcript for Supreme Court to hear Purdue Pharma bankruptcy case
SOMARA THEODORE, WE ARE KEEPING YOU BUSY, SUMMER. YOU BUSY, SUMMER. THANK YOU. THANK YOU. AND TODAY, THE SUPREME COURT AND TODAY, THE SUPREME COURT WILL REVIEW THE MAJOR WILL REVIEW THE MAJOR BANKRUPTCY SETTLEMENT FOR BANKRUPTCY SETTLEMENT FOR PURDUE PHARMA, THE MAKER PURDUE PHARMA, THE MAKER OF OPIOID PAINKILLER OXYCONTIN. OF OPIOID PAINKILLER OXYCONTIN. THAT SETTLEMENT, WHICH WOULD THAT SETTLEMENT, WHICH WOULD AWARD MONEY TO VICTIMS AWARD MONEY TO VICTIMS AND COMMUNITIES HARMED BY THE AND COMMUNITIES HARMED BY THE OPIOID EPIDEMIC, WILL ALSO OPIOID EPIDEMIC, WILL ALSO SHIELDING THE COMPANY'S OWNERS, SHIELDING THE COMPANY'S OWNERS, THE SACKLER FAMILY, FROM FUTURE THE SACKLER FAMILY, FROM FUTURE LAWSUITS. LAWSUITS. ABC NEWS BUSINESS REPORTER ABC NEWS BUSINESS REPORTER ALEXIS CHRISTOFOROUS HAS ALEXIS CHRISTOFOROUS HAS MORE ON THAT AND YOUR OTHER MORE ON THAT AND YOUR OTHER BUSINESS HEADLINES. BUSINESS HEADLINES. ALEXIS, WHAT ARE YOU WATCHING ALEXIS, WHAT ARE YOU WATCHING TODAY? TODAY? THIS IS A CLOSELY WATCHED COURT THIS IS A CLOSELY WATCHED COURT CASE. CASE. DIANE. DIANE. SO THE AGREEMENT THAT WAS SO THE AGREEMENT THAT WAS HAMMERED OUT WITH STATE HAMMERED OUT WITH STATE AND LOCAL GOVERNMENTS AND LOCAL GOVERNMENTS AND VICTIMS EARLIER WOULD AND VICTIMS EARLIER WOULD PROVIDE BILLIONS OF DOLLARS PROVIDE BILLIONS OF DOLLARS TO COMBAT THE OPIOID EPIDEMIC. TO COMBAT THE OPIOID EPIDEMIC. SACKLER FAMILY WOULD CONTRIBUTE SACKLER FAMILY WOULD CONTRIBUTE UP TO $6 BILLION AND GIVE UP UP TO $6 BILLION AND GIVE UP OWNERSHIP, AND PURDUE PHARMA OWNERSHIP, AND PURDUE PHARMA WOULD EMERGE FROM BANKRUPTCY WOULD EMERGE FROM BANKRUPTCY AS A DIFFERENT ENTITY WITH ITS AS A DIFFERENT ENTITY WITH ITS PROFITS USED FOR DRUG TREATMENT PROFITS USED FOR DRUG TREATMENT AND PREVENTION. AND PREVENTION. NOW, IF THE SUPREME COURT NOW, IF THE SUPREME COURT UPHOLDS THE LOWER COURT RULING, UPHOLDS THE LOWER COURT RULING, IT WOULD ALSO SHIELD MEMBERS IT WOULD ALSO SHIELD MEMBERS OF THE SACKLER FAMILY FROM OF THE SACKLER FAMILY FROM FUTURE CIVIL LAWSUITS OVER FUTURE CIVIL LAWSUITS OVER THE USE OF OPIOIDS. THE USE OF OPIOIDS. THE HIGH COURT'S DECISION THE HIGH COURT'S DECISION IS EXPECTED LATER THIS YEAR. IS EXPECTED LATER THIS YEAR. IT COULD HAVE A FAR REACHING IT COULD HAVE A FAR REACHING IMPACT ON THE ABILITY OF ALL IMPACT ON THE ABILITY OF ALL KINDS OF BANKRUPT COMPANIES KINDS OF BANKRUPT COMPANIES TO REORGANIZE AND REPAY TO REORGANIZE AND REPAY CREDITORS SOME OF WHAT THEY'RE CREDITORS SOME OF WHAT THEY'RE OWED. OWED. >> THE AIRLINE IS ABOUT TO GET >> THE AIRLINE IS ABOUT TO GET A LITTLE SMALLER. A LITTLE SMALLER. ALASKA AIRLINES HAS AGREED ALASKA AIRLINES HAS AGREED TO BUY IT. TO BUY IT. STRUGGLING RIVAL HAWAIIAN AIR STRUGGLING RIVAL HAWAIIAN AIR FOR $1.9 BILLION. FOR $1.9 BILLION. >> NOW, BOTH AIRLINES WOULD >> NOW, BOTH AIRLINES WOULD KEEP THEIR NAMES AND THEIR KEEP THEIR NAMES AND THEIR BRANDS. BRANDS. ALASKA'S CEO SAYING THE DEAL ALASKA'S CEO SAYING THE DEAL WILL GIVE CUSTOMERS IN BOTH WILL GIVE CUSTOMERS IN BOTH STATES EXPANDED DOMESTIC STATES EXPANDED DOMESTIC AND INTERNATIONAL CHOICES. AND INTERNATIONAL CHOICES. FEDERAL ANTITRUST REGULATORS FEDERAL ANTITRUST REGULATORS ARE EXPECTED TO SIGN OFF ARE EXPECTED TO SIGN OFF ON THE MERGER, WHICH ON THE MERGER, WHICH THE AIRLINES SAY SHOULD THE AIRLINES SAY SHOULD BE COMPLETE IN THE NEXT 9 TO BE COMPLETE IN THE NEXT 9 TO 18 MONTHS. 18 MONTHS. AND THE MUSIC STREAMING SERVICE AND THE MUSIC STREAMING SERVICE SPOTIFY JUST ANNOUNCED ITS SPOTIFY JUST ANNOUNCED ITS THIRD ROUND OF LAYOFFS THIS THIRD ROUND OF LAYOFFS THIS YEAR. YEAR. THE COMPANY SAYS IT'S REDUCING THE COMPANY SAYS IT'S REDUCING ITS STAFF BY 17%. ITS STAFF BY 17%. THAT'S ABOUT 1500 JOBS. THAT'S ABOUT 1500 JOBS. AND THAT'S ON TOP OF ABOUT 800 AND THAT'S ON TOP OF ABOUT 800 JOB CUTS AT SPOTIFY EARLIER JOB CUTS AT SPOTIFY EARLIER THIS YEAR. THIS YEAR. SPOTIFY CEO SAYING THE COMPANY SPOTIFY CEO SAYING THE COMPANY INVESTED TOO MUCH BACK IN INVESTED TOO MUCH BACK IN 2020 AND 2021 AND HAD TO MAKE 2020 AND 2021 AND HAD TO MAKE ADJUSTMENTS FOR, QUOTE, ADJUSTMENTS FOR, QUOTE, NEW ECONOMIC REALITY. NEW ECONOMIC REALITY. SPOTIFY ALSO RAISED ITS SPOTIFY ALSO RAISED ITS SUBSCRIPTION PRICES THIS YEAR. SUBSCRIPTION PRICES THIS YEAR. AND AS YOU KNOW, IT'S BEEN AND AS YOU KNOW, IT'S BEEN EXPANDING INTO PODCASTS EXPANDING INTO PODCASTS AND AUDIOBOOKS. AND AUDIOBOOKS. DIANE. DIANE. ALL RIGHT, ALEXIS CHRISTOFOROUS ALL RIGHT, ALEXIS CHRISTOFOROUS THANK YOU. THANK YOU. >> AND IF

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