US: Bayer to settle bribery suit on diabetes drug
Date: 25 Nov 2008
German medical firm Bayer is to pay nearly $100m to settle a lawsuit alleging that the company bribed suppliers of medicines for diabetes into switching from competitor's products.
According to the suit, the company paid Liberty Medical Supply around $2.5m to move patients over to Bayer products over four years, and a further $375,000 to ten other companies. The payments were often disguised as payments for advertising.
Bayer has not admitted to any wrongdoing, and said that it believed that issues relating to the case had been fully resolved. It has agreed, as part of the settlement, to a corporate integrity agreement under which it will review and update its employee training programme.
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In a recent article, the BBC's economics editor Robert Peston highlighted the fact that in 2012 the chances are that the economy - punch drunk as it is from the various flavours of debt crisis it has been pummelled with over the course of the year - will be hit by the collapse of a major bank and / or government.
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