Purdue Pharma Gets OK For $7.1M In Exec Incentives
By Rick Archer (September 13, 2021, 6:01 PM EDT) -- A New York bankruptcy judge gave Purdue Pharma permission Monday to make incentive payments of up to $7.1 million to its top executives, rejecting arguments that the executives had not done enough to clean up the company's corporate culture.
At a hearing held virtually, U.S. Bankruptcy Judge Robert Drain approved the incentive program and allowed the company to start work on setting up the opioid claims trust in its Chapter 11 plan, overruling arguments that this could cut off pending appeals of his decision to approve the plan.
Purdue entered bankruptcy in September 2019 after reaching a deal with 24 state...
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