The Swiss Times - Swiss News in English

Sandoz Pays $265 Million for Settlement in the USA

  • By The Swiss Times
  • 29 February 2024

Sandoz Resolves Legal Battles: Pays Settlement to Direct Sellers.

Sandoz Pays $265 Million for Settlement in the USA
Keystone/SDA – URS FLUEELER

The generics specialist Sandoz is clearing up its legal legacy. The former Novartis subsidiary has reached a settlement with the plaintiff group in proceedings that have been ongoing for years.

Sandoz will pay the group of direct sellers 265 million US dollars, the Basel-based company announced on Thursday. In return, the plaintiff group, which consists of US direct sellers such as CVS and Wallgreens, will drop all claims. This is now subject to the approval of the court.

The settlement is one of the last legacies from a long-running investigation by the US Department of Justice into generics manufacturers on suspicion of illegal price fixing. An agreement was already reached with the US Department of Justice in 2020, in which Sandoz, which was still part of Novartis at the time, paid almost 200 million US dollars.

The agreement now reached, which does not include an admission of wrongdoing by Sandoz US, resolves all claims for damages by the direct purchaser class, Sandoz further announced. The agreement now reached also includes a release of claims relating to alleged conduct between 2009 and 2019 and all drugs that are the subject of the direct purchaser class actions.

The USD 265 million will reportedly be included in the company’s financial results for 2023.

©Keystone/SDA

Most Read

Swiss Stock Market Shutters: Tension in the Middle East Rises

19 April 2024
Swiss Stock Market Shutters: Tension in the Middle East Rises
Swiss stock market declines sharply as Middle East tensions rattle investors. All major stocks, except Nestlé, end deep in the red.

Swiss Franc Gains Value In The Face Of Global Uncertainty

19 April 2024
Swiss Franc Gains Value In The Face Of Global Uncertainty
As global tensions rise following reports of an Israeli attack on Iran, the Swiss Franc sees a significant uptick.

Two Foreigners Found Guilty Of Covid Fraud: Jailed and Fined

18 April 2024
Two Foreigners Found Guilty Of Covid Fraud: Jailed and Fined
In the Rhine Valley District Court, two men were sentenced to conditional prison terms for forging 210 Covid vaccination certificates and profiting CHF 10,000 each.

SBB Will Be 100% Green By 2030

18 April 2024
SBB Will Be 100% Green By 2030
SBB outlines a robust environmental strategy, transitioning entirely to renewable energy by 2030 and cutting greenhouse gas emissions by 50% from 2018 levels.

Stay in Touch!

Noteworthy

Uri Cantonal Government Race Heats Up: CVP Majority
Uri Cantonal Government Race Heats Up: CVP Majority
21 April 2024
Federal Council Receives Approval at IMF Meeting on Credit Suisse Crisis
Federal Council Receives Approval at IMF Meeting on Credit Suisse Crisis
20 April 2024