Hi Reader,

Last week, ProPublica and The Philadelphia Inquirer published a bombshell investigation into Endo Health Solutions, one of the nation’s largest opioid makers. Prosecutors said the company profited by “misrepresenting the safety of their opioid products and using reckless marketing tactics to increase sales.”

But that’s not the whole story. Officials initially said Endo owed $7 billion in fines, forfeitures and taxes. However, prosecutors delayed pursuing the case for more than a decade, and Endo used that time to strategically rearrange its finances, which benefited the company’s senior leaders and its lawyers, and then file for bankruptcy protection, limiting the amount of money it ended up having to pay to the federal government.

Here are three numbers from this story that stood out to me:

$350 million: The amount billed by Endo lawyers, some of whom engineered a bankruptcy plan that “extinguished” Endo’s liabilities for “a fraction of the debtors’ total criminal and civil exposure.”
$95 million: Bonus money paid to two dozen Endo executives as the company was preparing to file for bankruptcy.
$40 million: The amount eventually set aside for tens of thousands of opioid victims who have filed claims against Endo.

Two reporters, working with ProPublica and The Philadelphia Inquirer, spent months digging through court records, examining confidential settlements and interviewing sources to uncover these details. Endo declined to comment for this story and did not respond to detailed questions sent to the firm.

This type of investigative journalism is time-intensive, painstaking and expensive — but it’s absolutely essential.

At ProPublica, we believe in the power of investigative journalism to drive change. Our reporting is free for everyone, but it’s made possible by readers like you. As we approach the end of the year, we’re counting on your support to continue uncovering the truth and holding the powerful accountable.

Your gift today helps ensure we can keep reporting the stories that matter. Together, we can ensure that investigative journalism remains a free and vital force for accountability and justice.

Thanks so much,

Jill Shepherd

Proud ProPublican

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