Teva Settles Arkansas Price-Fixing Case for $931K

Teva Settles Arkansas Price-Fixing Case for $931K
(Teva Pharmaceuticals)

Teva Pharmaceuticals announced it has agreed to pay Arkansas $931,000 to settle allegations that the company conspired with other drug makers to fix the price of generic drugs. 

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

The publicly traded company (NYSE and TASE: TEVA) is one of more than a dozen generic drug makers named in a multi-state lawsuit. The companies, including Sandoz Inc. and Pfizer Inc., were accused of restricting competition for 15 generic drugs used to treat asthma, glaucoma, high blood pressure and other conditions.

Teva, a U.S. affiliate of Teva Pharmaceutical Industries Ltd. of Tel Aviv, has been settling the claims on a state-by-state basis. Last week, it announced an agreement to pay Georgia $3.3 million to end the state's price-fixing claims. Previously, it reached a $925,000 settlement with Mississippi a $1.45 million settlement with Louisiana.

The company has denied the price-fixing allegations.