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Teva to pay Florida $6.73M to settle state’s price fixing claims

Teva will pay Florida $6.73 million, and the state will dismiss all of its claims against the company and its affiliates once payment has been made.
Sandra Levy
Senior Editor
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Teva has reached an agreement with the attorney general of Florida to settle the state’s price-fixing claims against the company.

Under the terms of the settlement, Teva will pay the state $6.73 million, and the state will dismiss all of its claims against Teva and its affiliates once payment has been made.

"Teva is committed to doing business the right way, in compliance with all applicable laws. Consistent with that commitment, Teva has also agreed, as part of its settlement with Florida, to maintain its robust antitrust training and compliance efforts throughout the United States," the company said.

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This is the fifth settlement of price-fixing claims that Teva has reached to date. Each settlement, including this settlement with Florida, has followed the same framework, with Teva agreeing to pay each state an amount proportional to its share of the national population (approximately $1,000,000 for each 1% share of the national population).

Teva’s $6.73 million payment to Florida falls within the estimated provision that its management recorded in the third quarter of 2022, related to this litigation.

[Read more: Teva to pay New York State $523M over alleged role in opioid crisis]

"The company is pleased to put Florida’s claims behind us, and we believe the amounts included in the settlements to date reflect our position on the allegations against us, which we continue to deny," Teva said. "We remain focused on delivering high-quality medicines to the patients around the world who need them, while also working cooperatively with state regulators to resolve legacy litigation matters in the United States, including these cases. We are in discussions with additional states to settle these cases within the framework outlined above."