McKesson to pay $151M to settle drug-pricing suit
SAN FRANCISCO (AP) â¿¿ McKesson Corp. will pay $151 million to 29 states and the District of Columbia to settle a lawsuit alleging the company inflated prices of hundreds of prescription drugs, causing state Medicaid programs to overpay millions of dollars in reimbursements, officials said Friday.
The agreement with San Francisco-based McKesson, one of the country's largest drug wholesalers, settles allegations that the company deliberately inflated drug prices by as much as 25 percent from 2001 to 2009.An investigation by state and federal agencies found that McKesson overbilled for more than 1,400 brand-name drugs from 2001 to 2009. They include commonly prescribed medications such as Adderall, Allegra, Ambien, Celexa, Lipitor, Neurontin, Prevacid, Prozac and Ritalin, officials said. ___ Management shake-up at JPMorgan; Zames is COO NEW YORK (AP) â¿¿ JPMorgan Chase, which is reeling from the fallout of a big trading loss at one of its divisions, announced a broad reshuffling of its top management on Friday. It was the second round of management reorganization at the nation's largest bank since it revealed the loss that has ballooned to up to $5.8 billion from an initial estimate of $2 billion. The loss has prompted two congressional hearings and led to investigations from international regulators. The loss has also come to represent the risky bets taken at large banks that can jeopardize the global financial system barely four years after the financial crisis that hurtled the country into the deepest recession since the Great Depression. ___ Delta shuts down Comair; workers given notice CINCINNATI (AP) â¿¿ Delta Air Lines is shutting down its shrunken, 35-year-old regional carrier Comair at the end of September as it switches to bigger jets. It is sending termination notices to Comair's 1,700 remaining employees. Comair is down to 290 flights a day. More than 1,000 Comair employees are in the Cincinnati and northern Kentucky region, some 700 of those in Kentucky.