Seven state attorneys general, including Pennsylvania AG Josh Shapiro, and a federal bankruptcy overseer appointed by the court, are objecting to the $94 million paid in pre-bankruptcy bonuses to top executives and other insiders at Endo International, the Ireland-based pharmaceutical company with its U.S. headquarters in Malvern, writes Bob Fernandez for the Philadelphia Inquirer.
According to state attorneys general who filed their objections in New York, the “excessive” bonuses were doled out in “secret” and drained the resources of the opioid drug firm for victims of their addictive pills.
A separate court filing submitted earlier this month by U.S. Trustee William Harrington noted that with the $94 million paid in bonuses in the months before the bankruptcy filing, Endo’s restructuring plan only leaves an initial $27.4 million for individual opioid victims who are not state entities.
Harrington told the court that Endo had “provided virtually no information, much less sufficient information” that is required to evaluate these bonus payments.
Bonus recipients include chief executive Blaise Coleman with $11.85 million, chief legal officer Matthew J. Maletta who was paid $3.5 million, and Mark Bradley, chief financial officer, who received $3.5 million.
Read more about Endo International in the Philadelphia Inquirer.