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Pfizer Pay $60 million Settlement in Bribery Investigation

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The Wall Street Journal has reported that Pfizer Inc has agreed to pay over $60 million to settle bribery charges and an investigation by US regulators into whether the drug company was paying bribes to foreign officials to obtain business.

The US Department of Justice announced in November 2009 that it was going to focus a wide-ranging probe into the pharmaceutical industry and prosecute those who pay bribes for preferential treatment of products, Reuters reported.

Though the exact amount Pfizer has agreed to pay to resolve the matter is unknown, the companies filing with the Securities and Exchange Commission said it reached agreements in principal with the Justice Department and SEC staff. The filing said that Pfizer will announce the final outcomes in the fourth quarter.

Similar bribery charges made against Johnson & Johnson in the US and the UK resulted in a $78 million settlement.

 

 

breakinglawsuitnews.com disclaimer: This article: Pfizer Pay $60 million Settlement in Bribery Investigation was posted on Monday, November 21st, 2011 at 8:46 pm at breakinglawsuitnews.com and is filed under Defective Drug Lawsuits.

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