![]() Innovative research that can help your child today.This in-depth knowledge allows us to take a holistic approach to your child’s care, anticipating his or her needs before, during and after an issue is discovered. Our team is dedicated to providing quality care and innovative treatment to our patients.Ĭhoosing Children’s National for Endocrinology and Diabetes CareĬhildren’s National has a dedicated team of endocrinologists that have the expertise to recognize, diagnose and treat your child’s complex endocrine disorders. We are a nationally recognized leader in treating a variety of endocrine disorders. News & World Report as one of the top 10 programs in the nation. The top executive “bonuses were paid in secret at a time when Endo was in active negotiations with the regarding states’ opioid litigation claims against the company,” Wednesday’s court filing by the state attorneys general said.The Division of Endocrinology and Diabetes at Children's National Hospital is ranked by U.S. The committee, Endo, and its secured lenders agreed to settle the state and local government suits for $450 million over a decade. The “Multi-State Endo Executive Committee” comprises the attorneys general from Maine, Massachusetts, New Hampshire, Vermont, and Virginia, in addition to those from Tennessee and Pennsylvania. Bankruptcy Judge James Garrity of the Southern District of New York has scheduled a hearing Wednesday on wage and compensation for employees while Endo is restructuring its ailing business in bankruptcy court.Ī group of state attorneys general was negotiating with Endo as it prepared for its bankruptcy filing. The company faces 3,100 opioid suits, many brought by government entities. ![]() A bankruptcy court filing says Endo spends more than $200 million a year on litigation costs for opioid and other lawsuits, twice what it spends on research and development. In August, Endo reported that second-quarter revenues fell 20%, mostly because of new generic competition on its branded Vasostrict drug for a diabetes condition. business out of Malvern, was one of the nation’s largest opioid manufacturers and marketers with its flagship Opana pain pill and less-expensive generic opioid pills. People are concerned that the money was misspent and should go to the creditors instead.”Įndo, which is based in Ireland for tax purposes but runs its U.S. But the bonuses raise important questions about who management was acting for. There may be more to the story, and certainly employees should be paid fairly. Temple University law professor Jonathan Lipson said Friday that the court objections to the bonuses “paint a picture of Endo executives pillaging the company before bankruptcy, leaving little left for tort victims. The spokesperson said it was important to note that a portion of the bonuses “must be repaid if certain pre-established financial and operational targets are not met in 20.” The spokesperson also said in the statement last month that the “payments are subject to the recipient’s continued employment with Endo over multiple years.” 24 Inquirer story about the executive bonuses, an Endo spokesperson said that “the recent incentive and retention payments are critical to the continuity of Endo’s business during the Chapter 11 proceedings and were approved by Endo’s independent board members.” Trustee William Harrington, the watchdog, said in a separate court filing earlier this month that Endo paid $94 million in bonuses to top executives and other insiders in the months prior to the bankruptcy filing, while Endo’s restructuring plan leaves only $27.4 million initially for individual opioid victims who are not state entities.Įndo has “provided virtually no information, much less sufficient information” to evaluate the bonus payments, Harrington told the court.įor an Aug. ![]() The Inquirer first reported on the bonuses days later. Pennsylvania Attorney General Josh Shapiro is one of the seven whose court filing called the top executive pre-bankruptcy bonuses “excessive.”Įndo, facing mounds of litigation over its alleged role in the national opioid crisis, filed for bankruptcy protection on Aug. The bonuses to the highest executives were doled out in “secret” and drain financial resources of the money-losing Endo available for victims of the Malvern company’s addictive pills, according to state attorneys general who filed their objections as a committee on Wednesday in New York. Seven state attorneys general and a court-appointed bankruptcy federal watchdog are opposing up to $94 million in pre-bankruptcy bonuses paid to top executives and other insiders at opioid drug firm Endo International in Chester County, court documents show.
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