Judge Approves Malvern-Based Endo’s $93,000 Incentives, Employee Bonuses Stalled
Malvern opioid maker Endo International has the greenlight to pay $93,000 in incentives to employees and sales reps, writes Bob Fernandez for The Philadelphia Inquirer.
Judge James L. Garrity Jr. approved the incentives Thursday, however the U.S. trustee is evaluating Endo’s request for a multi-million-dollar bonus package to “rank-and-file staff.” If approved, the firm will pay them a total of $98 million in bonuses.
Endo paid its high-level executives and insiders a total of $94 million in bonuses before filing for bankruptcy in August.
A hearing on the bonuses for rank-and-file employees is scheduled for Nov. 10.
Endo is one of the largest opioid makers in the U.S. and is currently facing 3,100 opioid lawsuits. In 2017, the company pulled pain pill Opana from shelves due to risks of abuse.
Attorneys for a committee of opioid victims have estimated that 600,000 people are victims of the pain pills. They allege that “Endo has set aside virtually nothing for them,” writes Bob Fernandez.
Read more about this Malvern-based drug firm’s bankruptcy in The Philadelphia Inquirer.
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