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FTC OKs Tentative Settlement of Mylan Claims

November 30, 2000|Associated Press

The Federal Trade Commission has approved a tentative $100-million settlement of claims that Mylan Laboratories Inc. fixed prices of anti-anxiety drugs widely used by senior citizens, the company said. If approved, the settlement will be the largest in FTC history. California's attorney general, those in 31 other states and U.S. District Judge Thomas Hogan also must approve the settlement. Thirty-two states, the District of Columbia, patients and the federal government filed lawsuits in 1998 accusing the Pittsburgh-based pharmaceutical giant of illegally increasing prices for two tranquilizers and cutting off competition. The drugs are used to treat Alzheimer's disease and other ailments. If finalized, the $100 million will be divided among the states. The money then will be used to repay consumers and state agencies who paid the increased prices. The company says the deal was intended to ensure Mylan's source of ingredients would not be interrupted. A Mylan spokeswoman did not immediately return calls. Mylan shares rose 6 cents to close at $23.13 on the New York Stock Exchange.

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