|
|
|
|
|
The Morning Risk Report: Teva Agrees to Pay $225 Million to Settle U.S. Price-Fixing Charges
|
|
|
|
|
|
Good morning. Generic drugmaker Teva agreed Monday to pay $225 million to settle criminal charges over price-fixing allegations related to cholesterol medication and other drugs, in what prosecutors said would be the highest fine ever levied for domestic antitrust crimes.
|
|
-
Conditions of settlement: Prosecutors imposed an additional unique remedy on the Israel-based company, requiring its U.S. subsidiary to sell its product line for pravastatin, a commonly prescribed cholesterol drug. Under the agreement with the Justice Department, which needs court approval, Teva also must donate $50 million worth of other drugs to organizations that treat needy patients.
-
Close call: The settlement is structured as a deferred prosecution agreement, which means Teva wouldn’t face prosecution as long as it stays out of trouble for three years. If Teva had pleaded guilty or been convicted in court, it could have been barred from doing business with federal healthcare programs.
-
Case background: Both Teva and Glenmark Pharmaceuticals USA were charged in 2020 with conspiring to raise prices for pravastatin and other generic drugs. Glenmark agreed Monday to pay $30 million to resolve the charges against it, according to the Justice Department.
|
|
|
|
Content from our Sponsor: DELOITTE
|
|
How COSO Can Help With Sustainability Reporting
|
Companies can leverage their existing governance and control activities to establish controls over sustainability reporting. COSO’s generally accepted framework can help. Keep Reading ›
|
|
|
|
|
|
|
|
|
Tornado Cash was sanctioned by the U.S. Treasury last August. PHOTO: LUKE MACGREGOR/BLOOMBERG NEWS
|
|
|
|
Judge backs U.S. sanctions on crypto platform Tornado Cash.
Sanctions imposed last year by the U.S. Treasury Department against decentralized cryptocurrency platform Tornado Cash are here to stay, according to a recent ruling by a federal judge.
Six individuals filed a civil lawsuit in the U.S. District Court in Austin, Texas, last September against the Treasury Department and its leaders, alleging the designations against Tornado Cash exceeded the department’s legal authority over foreign nationals’ interests in property and violated the First Amendment.
The suit was financed by crypto exchange Coinbase Global in an effort to defend privacy in crypto, its chief executive Brian Armstrong said at the time.
|
|
|
Ex-Vitol employee could face two foreign bribery trials.
A former employee of Swiss energy trading firm Vitol who is facing foreign bribery charges in New York has been hit with a set of related charges in Texas, reports Risk & Compliance Journal's Richard Vanderford.
The charges. Javier Aguilar, who previously worked as a Vitol manager and oil trader in Houston, has been charged under the U.S. Foreign Corrupt Practices Act and money-laundering law with paying bribes to help Vitol win and retain business from Petróleos Mexicanos, Mexico’s state-owned subsidiary, federal prosecutors in Houston said Monday.
|
|
|
-
McKinsey and several of its executives must face a critic’s lawsuit alleging that the consulting firm concealed conflicts of interest from bankruptcy courts to win business advising on major corporate restructurings.
-
China imposed roughly $1.5 million in financial penalties on the Beijing arm of Mintz Group for allegedly conducting unapproved statistical work, months after local authorities detained the New York-based due diligence firm’s staff members.
|
|
|
|
|
Excavators and vehicles for export being loaded at a dock in China’s Jiangsu province. PHOTO: CFOTO/ZUMA PRESS
|
|
|
|
Booming trade with China helps boost Russia’s war effort.
China is playing an increasingly important role in propping up Russia’s economy and helping boost its war effort, with recent trade data showing Beijing providing a range of goods, including some with potential military applications such as microchips and trench-digging excavators.
China has become the principal source of many of the goods and components Russia’s sanctions-hit economy needs, while also giving Moscow a buyer for its oil and gas. The growing economic relationship is a central piece of the efforts by the two countries to unite against what their leaders describe as Western efforts to contain them.
|
|
|
|
-
A year and a half into the Ukraine conflict, few countries have capitalized on the economic opportunities quite like the United Arab Emirates, giving Russian President Vladimir Putin’s war effort a lift while boosting this Persian Gulf state.
-
With North Korea suffering from starvation and a down economy, Kim Jong Un has increasingly shone a light on the few areas worth touting: His weapons and himself.
-
Hilary was downgraded to a posttropical storm Monday as it traveled over Nevada, leaving floods and debris flows in its wake but no reported deaths or major property damage in the U.S.
-
Nations and private companies are racing to send devices to the surface of the moon. Sticking the landing is another story.
|
|
|
Finra names new enforcement chief. The Financial Industry Regulatory Authority, Wall Street's self-regulatory arm, said it has named Bill St. Louis as its new head of enforcement.
|
|
|
St. Louis, who will manage an enforcement staff of 350 in 11 offices in his new role, previously served as the leader of Finra's national cause and financial crimes detection program and as the director of Finra's New York office between 2014 and 2019.
|
|
|
-
Former President Donald Trump holds a 23-percentage-point lead over his nearest rival, Florida Gov. Ron DeSantis, in the first state that will hold a Republican presidential nominating contest, according to an Iowa Poll released Monday.
-
Retailers are on track to open 1,000 net new stores in the U.S. this year as retail availability hits record lows, in fresh signs of the sector’s resilience despite turmoil in commercial real estate.
-
Nations and private companies are racing to send devices to the surface of the moon. Sticking the landing is another story.
-
The U.S. solar boom has electricity producers popping up in unusual places: self-storage buildings, Southern pinelands, even outlet malls.
-
Arm Ltd., the British company whose circuit designs lie inside billions of electronic devices, said profit fell by more than 50% in the most recent quarter in filings that kicked off what is expected to be the biggest initial public offering of the year.
-
China and Russia are pushing to expand membership in the Brics bloc of emerging economies to counterbalance Western influence, while others in the group are reluctant to admit new entrants, such as Iran and Cuba, for fear of alienating Washington.
-
Microsoft submitted a new proposal for acquiring videogame maker Activision Blizzard to the U.K.’s competition authority in an effort to win approval for the $75 billion deal after the competition agency rejected it earlier this year.
-
How hard should the Fed squeeze to reach 2% inflation?
|
|
|
|
|
|
|
|
|