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September 05, 1996|Times Staff and Wire Reports

Bristol-Myers to Pay $31.8 Million in Price-Fixing Case: The maker of Enfamil infant formula said it will pay that amount in cash and formula to settle infant formula price-fixing suits brought in 17 states. The settlement follows suits brought by consumers and two states against Bristol-Myers Squibb Co.'s Mead Johnson unit and Abbott Laboratories, the nation's two largest makers of infant formula. The suits were triggered by a 1992 federal investigation into price fixing going back to the 1970s. Abbott Park, Ill.-based Abbott, which makes Similac formula, agreed on May 24 to pay $32.5 million in cash and formula to settle the suits. New York-based Bristol-Myers and Abbott together control 75% to 85% of the nearly $2 billion U.S. infant formula market. In agreeing to the settlement, Bristol-Myers denied any wrongdoing.

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