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Josephine council votes to approve Purdue Pharma bankruptcy reorganization settlement
Summary
Council adopted a resolution to approve the Purdue Pharma bankruptcy reorganization plan, opting into distributions tied to Purdue’s asset transfer and Sackler-family payments; staff said the city's likely share is modest and recommended maintaining proper recordkeeping for any received funds.
The City of Josephine voted on Sept. 8 to adopt a resolution approving Purdue Pharma’s bankruptcy reorganization plan as presented to participating political subdivisions.
Jason (staff/legal) briefed council on the structure of the settlement and the related Sackler-family payments. He summarized key components: Purdue’s assets and about $900 million in cash…
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