Retirement Fraud Suit To Be Negotiated for Settlement In Bucks

DOYLESTOWN, PA — A class action lawsuit against the pharmaceutical company, Endo International, has been settled for $63,400,000 in Bucks County.

The suit alleges the company defrauded the company defrauded the Bucks County Employees Retirement System and other investors through misleading business practices.

Endo International is also alleged to have engaged in security fraud by means of unstable pricing practices. The resulting plummet of Endo's market value was absorbed by investors, who lost hundreds of millions dollars as a result.

If settled in Bucks County's favor, some of the funds from the settlement will be used to reimburse investors who lost money as a result of the Malvern-based company's alleged fraud. The total amount that will go to investors and others affected by the fraud has not been determined yet.

“This administration is committed to combatting fraud, protecting consumer rights, and pursuing recovery of funds for our employees’ retirement system,” said Bucks County Commissioner Diane M. Ellis-Marseglia.

Ellis-Marseglia, who serves as chair of the Bucks County Retirement Board, discussed the importance of tackling situations like this, as they affect retiring residents of Bucks County.

“(The) Bucks County government is proud of both the outstanding employee retirement benefits we offer, and the vigilance of our legal counsel, and we will always seek to hold accountable anyone who defrauds us.”

Along with the Delaware County Employees Retirement System, the Bucks County Retirement Board is also engaged in a securities fraud class action against AdaptHealth Corporation, who they allege caused further investment losses as a result of false and misleading statements about their organization's overall financial performance.

All additional information on this case can be found here.