State AGs Fight Bonus Pay For CEO Of OxyContin-Maker Purdue

www.oann.com | 4/25/2017 | Staff
(Reuters) – The chief executive officer of OxyContin-maker Purdue Pharma LP should not collect a potential $1.3 million bonus when he has been accused of contributing to the opioid epidemic, a group of state attorneys general said in a court filing on Monday.

The attorneys general from 24 states said Craig Landau should not collect a bonus that would lift his pay to $3.9 million because of his alleged role in downplaying the risks of Purdue’s drugs.

Filing - Purdue - Landau - Pay - Preparation

The filing also said Purdue increased Landau’s potential pay in 2018 “in preparation for the filing of this case,” and possibly to circumvent the bankruptcy code’s restrictions on such bonuses.

Purdue declined to comment.

Purdue - Track - Bonuses - Employees - Performance

Purdue is on track to pay $24 million in bonuses to eligible employees based on its 2019 performance so far, the company said in a Monday filing. However, Purdue said that to get support for its bonus plan it would limit Landau’s potential bonus to 50%, or $1.3 million of his $2.6 million base pay. Other employees would still get their target bonus.

The attorneys general said documents that have not been made public tie Landau to the alleged misconduct by the Sackler family...
(Excerpt) Read more at: www.oann.com
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