Teva claws back 50M Dollars from former execs, board members to pay for 2016 foreign bribery settlement

Fiercepharma | July 25, 2019

Teva claws back 50M Dollars from former execs, board members to pay for 2016 foreign bribery settlement
When Teva forfeited 519 million dollars to the U.S. governmenta over foreign bribery charges back in 2016, it was meant as a move to clear the drugmakers name. Now, Teva is asking former leadership to pony up for their end of the agreement. Former executives and board members of the Israeli drugmaker will shell out $50 million to cover their end of the settlement with the U.S. Justice Department and the Securities and Exchange Commission. They'll also pay a $22 million share of the outlay to Israel’s State’s Attorney Office, according to Calcalist. The names of the former execs and board members were not disclosed. The $50 million clawback agreement follows a series of shareholder lawsuits against Teva after it inked the pair of 2016 settlements. All told, the company raked in $276 million in profits from its arrangement to shell out millions to unnamed foreign officials in Ukraine, Russia and Mexico between 2007 and 2012, Calcalist said. At the time, Teva’s settlement was one of the largest federal payouts on record. It followed an internal investigation in 2012 that found the drugmaker was likely liable for violating the Foreign Corrupt Practices Act. Teva fired its corporate fraud investigator and promised sweeping overhauls of its leadership structure and “problematic” business deals. But the 2016 settlement wasn’t the first and wouldn’t be the last of Teva’s run-ins with the U.S. legal system.

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Let's be real. Johnson and Johnson lied about the safety of their opioid drugs and people died as a result of their lying tongue.