Supreme Court Halts Purdue Pharma's $6B Settlement: Sackler Family's Shield From Opioid Lawsuits Challenged
Portfolio Pulse from Michael Cohen
The Supreme Court has temporarily blocked a $6-billion bankruptcy settlement by Purdue Pharma that would protect the Sackler family from civil lawsuits related to the opioid crisis. The court will hear a challenge to the settlement by a U.S. bankruptcy trustee. The decision may have implications for other pharmaceutical companies, including Johnson & Johnson and Teva Pharmaceutical Industries, both of which have faced legal scrutiny related to opioids. Related ETFs include the Health Care Select Sector SPDR Fund and the iShares U.S. Pharmaceuticals ETF.
August 10, 2023 | 8:44 pm
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NEGATIVE IMPACT
The Supreme Court's decision to block Purdue Pharma's settlement may have implications for the iShares U.S. Pharmaceuticals ETF, which invests in the broader pharmaceutical industry.
The legal scrutiny on Purdue Pharma's settlement could potentially impact the broader pharmaceutical industry, and thus the performance of ETFs like the iShares U.S. Pharmaceuticals ETF that invest in this sector.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
The Supreme Court's decision to block Purdue Pharma's settlement may have implications for Johnson & Johnson, which has faced legal scrutiny related to opioids.
The legal scrutiny on Purdue Pharma's settlement could potentially set a precedent for similar cases, including those involving Johnson & Johnson. This could negatively impact the company's stock in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The Supreme Court's decision to block Purdue Pharma's settlement may have implications for Teva Pharmaceutical Industries, which has faced legal scrutiny related to opioids.
The legal scrutiny on Purdue Pharma's settlement could potentially set a precedent for similar cases, including those involving Teva Pharmaceutical Industries. This could negatively impact the company's stock in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The Supreme Court's decision to block Purdue Pharma's settlement may have implications for the Health Care Select Sector SPDR Fund, which invests in the broader pharmaceutical industry.
The legal scrutiny on Purdue Pharma's settlement could potentially impact the broader pharmaceutical industry, and thus the performance of ETFs like the Health Care Select Sector SPDR Fund that invest in this sector.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60