Update: On Thursday the Supreme Court ruled 5 to 4 that the federal bankruptcy code does not shield members of the Sackler family from liability for civil claims stemming from the opioid crisis. The United States Supreme Court is now considering whether the bankruptcy system should have given this wealthy family a permanent shield against civil liability. But there is a bigger question at stake, too: Why is a company with no lenders turning to the federal bankruptcy system in response to accusations of harm and misconduct? 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. But Chapter 11 was designed around the goal of helping financially distressed businesses restructure loans and other contract obligations.

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Persons: Sackler, Brett Kavanaugh Organizations: Purdue Pharma, United States, Swiss Army Locations: Swiss