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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsPurdue Pharma wants to pay 'certain employees' $34 million in bonuses
Officials at troubled drugmaker Purdue Pharma say certain employees should be paid more than $34 million in bonuses for meeting and exceeding goals over the last three years, even though the company is facing thousands of lawsuits over its role in the nations opioid crisis and earlier this week filed for bankruptcy.
In a legal filing, attorneys for Purdue Pharma asked a judge to authorize millions in payments to employees who have met target performance goals.
It is not clear from the company filings why employees would be eligible for bonuses because, while the bonuses are supposed to be partly contingent on the companys financial performance, the company has filed for bankruptcy.
At a bankruptcy court hearing in White Plains, NY on Tuesday, Paul K. Schwartzberg, an attorney for the U.S. Trustee, raised objections to some of the bonuses. While it is typical for companies in bankruptcy to try to pay employees as a firm seeks to regain its financial footing, the Purdue Pharma bonuses go way beyond what is typical, he said.
...The attorneys for Purdue did not specify which of its 700 employees would be eligible for the bonuses, except that the incentives would not be available to insiders or any top executives involved in the companys strategic decision-making. But other senior managers, who are often offered such incentive plans, could be eligible for the bonuses. The number of employees eligible for the bonuses and the amounts of their rewards are unknown. But if the $34 million in bonuses were distributed equally to each of the 700 employees, each would receive about $50,000.
More at https://www.washingtonpost.com/nation/2019/09/19/purdue-pharma-facing-thousands-lawsuits-bankruptcy-wants-pay-certain-employees-million-bonuses/
In a legal filing, attorneys for Purdue Pharma asked a judge to authorize millions in payments to employees who have met target performance goals.
It is not clear from the company filings why employees would be eligible for bonuses because, while the bonuses are supposed to be partly contingent on the companys financial performance, the company has filed for bankruptcy.
At a bankruptcy court hearing in White Plains, NY on Tuesday, Paul K. Schwartzberg, an attorney for the U.S. Trustee, raised objections to some of the bonuses. While it is typical for companies in bankruptcy to try to pay employees as a firm seeks to regain its financial footing, the Purdue Pharma bonuses go way beyond what is typical, he said.
...The attorneys for Purdue did not specify which of its 700 employees would be eligible for the bonuses, except that the incentives would not be available to insiders or any top executives involved in the companys strategic decision-making. But other senior managers, who are often offered such incentive plans, could be eligible for the bonuses. The number of employees eligible for the bonuses and the amounts of their rewards are unknown. But if the $34 million in bonuses were distributed equally to each of the 700 employees, each would receive about $50,000.
More at https://www.washingtonpost.com/nation/2019/09/19/purdue-pharma-facing-thousands-lawsuits-bankruptcy-wants-pay-certain-employees-million-bonuses/
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Purdue Pharma wants to pay 'certain employees' $34 million in bonuses (Original Post)
BeyondGeography
Sep 2019
OP
woodsprite
(11,905 posts)1. During this opiod epidemic of their creation, we should give bonuses to the drug pushers/dealers? nt
Wounded Bear
(58,604 posts)2. It's the American way...
Hell, after the 2009 bailouts of Wall Street, all the speculators and grifters got bonuses.
It's only fair we do the same for the drug pushers.
NCjack
(10,279 posts)3. Outstanding! Drug pushers who did the most to advance the company
should get bonuses.