Purdue Pharma, maker of the popular opioid OxyContin, will be allowed to dole out millions of dollars in bonuses to executives as the company declares bankruptcy as part of a $10 billion settlement to resolve thousands of lawsuits against the company for its role in the national opioid abuse and overdose epidemic.
Specifically, the company will pay about $26 million in wages, benefits and bonuses, according to CNN.
Bankruptcy proceedings for Purdue began on Tuesday, Sept. 17, with a final hearing held on Oct. 10. Once the filings are complete, Purdue will provide more than $10 billion in funding to address the opioid crisis and the Sackler family, which owns the company, will cough up about $3 billion of their own fortune, CNN reported.
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Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."