Bristol-Myers Squibb: Second drug company to pay more than $1 billion in fines.

Schering-Plough was the first drug company to break the $1 billion barrier for fines paid to various government agencies. And now Bristol-Myers Squibb is following Schering's lead.

Bristol-Myers Squibb Co. and a subsidiary have agreed to pay more than $515 million to settle federal and state investigations into their drug marketing and pricing practices, U.S. Attorney Michael Sullivan announced today.

Last year, on June 8, 2006, the Securities and Exchange Commission announced that BMS would pay $750 million which would be distributed to compensate shareholders injured by fraudulent earnings management at Bristol-Myers Squibb Company. The distribution fund included $150 million BMS paid to settle fraud charges brought by the Commission. The fund also included $300 million BMS paid to settle a related civil class action, and $300 million paid by BMS in a deferred prosecution agreement with the U.S. Attorney's Office in New Jersey to address the company's criminal liability.

In total, Bristol-Myers has now paid about 1.25 billion dollars in fines and restitution. Oh, did we mention FBI recently searched their offices?

Nice going.

Download BMSPressReleaseFinal.pdf

Download SettlementAgreement--FinalSignedVersion.pdf

Here is a list of aggregated fines paid by a few drug companies to the Justice Depatment, SEC and FDA over the last few years due to marketing fraud, accounting fraud, and bad manufacturing:

Company	Fines and settlements (M)
Schering-Plough	1280
Bristol Myers Squibb	1265
Takeda-Abbott	875
Serono	704
GlaxoSmithKline	563
Pfizer	514
Abbot	482
AstraZeneca	355
Bayer	271
Eli Lilly	36

Comments

[Alex Hardin]

Dr. Rost, has any correlation been established between the amount of drug company fines and the number of layoffs?

[Alex Hardin]

Dr. Rost, has any correlation been established between the amount of drug company fines and the number of layoffs?

[allergy relief medicines]

Claritin-D is an antihistamine and decongestant combination used to treat the nasal congestion (stuffy nose), sneezing, and runny nose caused by colds and hay fever.

http://www.drugs-generic.info/index.php?prod=Claritin-D

Allegra medication contains an antihistamine and decongestant used to relieve allergy symptoms such as itchy red eyes, stuffy nose and throat irritation.

http://www.drugs-generic.info/index.php?prod=Allegra

[Buy Viagra]

hello friend, I really enjoyed reading this blog about Bristol-Myers Squibb: Second drug company to pay more than $1 billion in fines. thansk for sharing

[buy viagra prescription]

hello buddy nice blog about Bristol-Myers Squibb: Second drug company to pay more than $1 billion in fines. thanks for sharing!!