Courtesy of Benzinga.
Abbott (NYSE: ABT) has reached a settlement with U.S. federal and 49 state authorities, plus the District of Columbia, to resolve all outstanding issues regarding a previously disclosed investigation of past sales and marketing practices relating to its neurologic medication Depakote. The settlement results from a four-year-old investigation into past sales activities that began in 1998 involving this product. Abbott cooperated fully with the government during its investigation.
Abbott will pay $800 million to resolve civil allegations split among federal and state governments, $700 million for a criminal penalty, and $100 million to states to resolve consumer protection matters. These amounts were previously reserved in anticipation of today’s agreement.
For more Benzinga, visit Benzinga Professional Service, Value Investor, and Stocks Under $5.
