Lilly Considers $1 Billion Fine to Settle Case
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The fine would settle a civil and criminal investigation into the companyâs marketing of an antipsychotic drug.
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IBM Corp. and plaintiffs challenging the legality of its pension plan agreed to a deal Wednesday that settles most claims and caps the company's potential liability at &#36;1.7 billion. The company previously had estimated that a settlement could cost up to &#36;6.5 billion.
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US drugs giant Merck is to be fined an initial $20m in after losing a case brought by a user of its Vioxx painkiller.
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The company will pay a $1 million criminal fine for lying to the government about a patent deal on its blood-thinning drug Plavix.
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In light of a $1.1 billion settlement with plaintiffs in a shareholder suit, the government is not asking for additional restitution.
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Two former fund managers for Putnam Investments of Boston agreed to pay a total of $1.5 million to settle allegations they inappropriately traded mutual fund shares and potentially harmed other fund investors, federal and state regulators said yesterday.
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Alcatel-Lucent has agreed to pay $2.5 million in fines to resolve allegations that it provided Chinese government officials with free trips to Disneyland and other tourist attractions.The company has to pay $1 million to resolve U.S. Department of Justice charges that it violated the Foreign Corrupt Practices Act (FCPA) when providing travel and other perks to Chinese government officials, the DOJ said Friday. The company also agreed to pay a $1.5 million civil fine to the U.S. Securities and Exchange Commission.The agreement with the DOJ wraps up a multiyear investigation into whether Lucent, before its November 2006 merger with Alcatel, provided things of value to the Chinese officials and improperly accounted for the expenses.The company cooperated fully with the DOJ and SEC investigations, an Alcatel-Lucent spokeswoman said. The company is &quot;glad to put the matter behind us&quot; and looks forward to successful business dealings in China in the future, she said.From about 2000 to 2003, Lucent spent millions of dollars on more than 300 trips for Chinese government officials that included sightseeing, entertainment and leisure, the DOJ said. The trips were approved by senior Lucent Chinese officials, with the support of Lucent employees in the U.S.Lucent improperly recorded expenses for these trips and failed to implement internal controls to monitor the provision of travel and other things of value to Chinese officials, the DOJ said in a press release.In 2002 and 2003, there were 24 Lucent-sponsored trips for Chinese government customers, and at least 12 trips were primarily for sightseeing, the DOJ said. The people participating in these trips were senior government officials, including the heads of state-owned telecommunications companies in Beijing and the leaders of provincial telecommunications subsidiaries.Between 2000 and 2003, Lucent provided Chinese government officials with trips to the U.S., Europe, Australia and elsewhere that were often characterized as &quot;factory inspections&quot; or &quot;training,&quot; the DOJ said. By 2001, Lucent had outsourced most of its manufacturing and no longer owned factories for its customers to tour. These trips were primarily sightseeing tours to locations such as Disneyland, Universal Studios and the Grand Canyon, and typically lasted 14 days and cost between $25,000 and $55,000 per trip, the DOJ said.Lucent admits to all of this conduct in the agreement announced on Friday. The agreement also requires Lucent to adopt new or modify existing internal controls, policies and procedures. Those internal controls must ensure that Lucent keeps fair and accurate books, the DOJ said. The agency has agreed not to prosecute Lucent if it complies with all of the requirements in the agreement over a two-year term.
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The US division of Germany's Bayer AG agreed to pay a 33 million dollar fine to settle charges it participated in a conspiracy to fix prices of a commonly used chemical for plastics and other goods, US officials said.
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German computer chip maker Infineon Technologies AG has agreed to plead guilty to price fixing and will pay a $160 million fine, the Justice Department said yesterday.
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Target Corp. has agreed to pay $1 million to settle a class-action lawsuit alleging it failed to stamp prices on merchandise, the fourth in a string of agreements over the past two years costing major retailers more than $8 million in fees and millions more in compliance measures.
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Eli Lilly and Co  is in settlement talks with federal prosecutors regarding a civil and criminal investigation into Lilly's marketing of its top-selling schizophrenia drug Zyprexa, the New York Times reported on Wednesday.
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Arguments were heard today in a case whose outcome could require software companies to pay fines for patent-infringing software assembled in other countries.
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LONDON, September 16 (New Ratings) - Infineon Technologies (IFX.ETR) has agreed to plead guilty and to pay a fine of $160 million to settle the federal charges of participating in an international conspiracy of DRAM price fixing.
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Marsh &amp; McLennan Companies Inc. is looking to collect about $230 million in incentive fees at the heart of a bid-rigging probe by New York authorities as a way to help fund a possible settlement over the questioned fees.
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The government yesterday settled its case against former Freddie Mac chairman and chief executive Leland C. Brendsel for a fraction of the more than $1 billion in damages and penalties it had been seeking for his alleged participation in accounting manipulations.
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The attorney general of Oregon, Hardy Myers, has proposed a $36 million nationwide settlement among the pharmaceutical manufacturer Organon USA, consumers and states over the antidepressant drug Remeron.
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International Business Machines Corp.  has settled for an undisclosed sum part of a potentially multi-billion-dollar lawsuit over its pension plan, a Wednesday court filing shows.