Published On: Tue, Sep 14th, 2021

Bankruptcy Judge Approves Purdue Pharma’s $7 Million Executive Bonus Plan

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A bankruptcy judge on Monday approved up to $7.1 million in bonuses for five executives of Purdue Pharma, the bankrupt maker of OxyContin, at a hearing at which he faced blunt criticism for his handling of the case from a woman whose son died of an opioid overdose. Bankruptcy Judge Robert Drain in White Plains, New York, signed off on the executive incentive plan at the conclusion of the virtual hearing. His ruling comes about two weeks after he said he would approve Purdue’s reorganization plan, which rests on a $10 billion settlement and provides legal releases shielding the Sackler family members that owned the company from future opioid-related civil litigation. The Sacklers contributed approximately $4.5 billion to the plan, which had wide support from creditors who voted on it, but critics have been angered that the family will retain billion of dollars and never face a public civil trial. …

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