Bankruptcy judge considers $1.3M bonus for Purdue Pharma CEO
Source: Associated Press
By GEOFF MULVIHILL 17 minutes ago
WHITE PLAINS, N.Y. (AP) The judge overseeing the bankruptcy case of OxyContin maker Purdue Pharma will consider Wednesday whether the companys CEO should get a bonus equal to half his $2.6 million salary.
Attorneys general representing about half the states say the companys chief executive Craig Landau shouldnt get a bonus, arguing in court filings that he bears some responsibility for the national opioid epidemic that they say the companys signature painkiller helped fuel.
Purdue should not award bonus payments to Landau before resolving the allegations that Landau committed deadly, illegal misconduct, the states said in a filing this week.
A hearing is scheduled Wednesday afternoon in U.S. Bankruptcy Court in White Plains, New York, where the company has sought protection from creditors as it tries to settle 2,700 lawsuits it faces over the toll of opioids.
Read more: https://apnews.com/ae2700130c023935efa2054be601175e
groundloop
(11,519 posts)What the hell is wrong with this country?
Bengus81
(6,931 posts)marble falls
(57,097 posts)"n" and ends with an "o" prefaced with "Hell"
quid amateur quo
(28 posts)Ethically, no different from the guy on the street corner. Actually, let me take that back: ethically lower than the guy on the street corner, who's at great risk to his life, and makes far less money.
TheFourthMind
(343 posts)ck4829
(35,077 posts)Sherman A1
(38,958 posts)and it would include public housing and an orange jump suit.
ProfessorGAC
(65,044 posts)And every time it happens, it is illogical.
Remember when Sears was reorganizing? Dozens of execs who drove the truck into the ditch were awarded bonuses because they couldn't afford the talent loss in the reorganization process! What? What talent. The same highly skilled managers that ruined the company? Utterly stupid.
Same thing here. Even discounting the legal issues, there is no way a CEO whose company is in the ditch deserves extra rewards!