Civil Plaintiff

Drugmaker Endo Will Pay Up to $465 Million in a Bankruptcy Settlement With U.S.

Bankrupt drugmaker Endo International will pay up to $465 million to settle the federal government’s law enforcement, tax, and healthcare cost claims, the U.S. Department of Justice said on Thursday.

The settlement removes Endo’s largest obstacle to completing its plan to sell assets to its lenders in bankruptcy. Endo will ask a U.S. bankruptcy judge to approve the sale and allow the company to emerge from bankruptcy at a March 19 court hearing, the DOJ added.

Endo filed for bankruptcy in August 2022 to address its $8 billion debt and thousands of lawsuits over its alleged role in the U.S. opioid epidemic. As part of its bankruptcy restructuring, the company has agreed to pay about $600 million in settlements to states and people afflicted by the opioid crisis and to stop promoting opioids to prescribers.

Read the source article at Yahoo Finance

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