Purdue Pharma CEO Might Be Granted $1.3M Bonus By Bankruptcy Judge In Midst Of Legal Battles Over Opioid Crisis
States involved in the opioid dispute with the company argued against the bonus. "Purdue should not award bonus payments to [CEO Craig Landau] before resolving the allegations that Landau committed deadly, illegal misconduct," they said. Purdue Pharma said maintaining its bonus program is essential to keep key employees on the job.
The Wall Street Journal:
Judge Approves Millions In Bonuses For Purdue Pharma Employees
A bankruptcy judge approved millions of dollars in bonus and incentive payments for a group of employees of OxyContin maker Purdue Pharma LP. But Judge Robert Drain put off a decision to approve a $1.3 million bonus for Purdue Chief Executive Officer Craig Landau at a hearing Wednesday in U.S. Bankruptcy Court in White Plains, N.Y. (Biswas, 12/4)
The Associated Press:
Bankruptcy Judge Weighs $1.3 Million Bonus For CEO Of Opioid Maker Purdue Pharma
Purdue said maintaining its bonus program is essential to keep key employees on the job and performing while the company goes through the bankruptcy settlement process. If the company falls apart while still under bankruptcy protection, it would mean less money left over to address the opioid crisis for the states, local governments, Native American tribes, medical providers and others that have sued it. (12/4)
In other news on the opioid crisis —
The Wall Street Journal:
Kaiser, Optum Back Addiction-Recovery Startup Groups
As the U.S. opioid addiction epidemic grinds on, startups offering treatment services are gaining popularity with health-care providers and investors. One company making headway in the crisis is Groups, which recently raised $27 million in new financing from major health organizations. Groups, which is based near Boston and officially called Recover Together Inc., said its backers were impressed by its above-average patient success rates. (Mack, 12/4)
The Wall Street Journal:
Insys Creditors Can Begin Voting On Chapter 11 Plan
Defunct opioid maker Insys Therapeutics Inc. faced tough questioning from a bankruptcy judge Wednesday over its plan to bar shareholders from suing anyone involved in the company’s demise. (Brickley, 12/4)
The Washington Post:
Forget Freer/Sackler. The Smithsonian Debuts The The National Museum Of Asian Art.
The Freer Gallery of Art and the Arthur M. Sackler Gallery have long described themselves as the Smithsonian’s Asian art museums. Now the two institutions want to be known as the National Museum of Asian Art. Don’t call it a name change, though. Museum officials say it is a rebranding that clarifies the missions of the joint institutions. And, they say, it has absolutely nothing to do with international protests over the Sackler family’s connection to the opioid crisis. (McGlone, 12/4)
Boston Globe:
New Tools Needed In The Fight Against Substance Use Disorder
We must address stigma and lack of understanding about addiction that persists even within the medical community. Stigma keeps individuals from seeking treatment but also keeps medical practitioners from offering care. (Lori Trahan and James Baker, 12/5)
Cleveland Plain Dealer:
Cuyahoga County, ADAMHS Board To Fund Fentanyl Test Strip Distribution Program Into 2020
Cuyahoga County and the Alcohol, Drug Addiction and Mental Health Services Board of Cuyahoga County are funneling $60,000 into the Fentanyl Test Strip grassroots distribution program to continue its operation through 2020. Each will provide $30,000, according to a news release. (Christ, 12/3)
