Shkreli ordered to return US$64M, is barred from drug industry

U.S. District Judge Denise Cote's ruling came several weeks after a seven-day bench trial in December that featured recordings of conversations that Cote said showed Shkreli continuing to exert control over the company, Vyera Pharmaceuticals LLC, from behind bars and discussing ways to thwart generic versions of its lucrative drug, Daraprim.

"`Envy, greed, lust, and hate,' don't just `separate,' but they obviously motivated Mr. Shkreli and his partner to illegally jack up the price of a life-saving drug as Americans' lives hung in the balance," New York Attorney General Letitia James said, peppering the written statement with references to the Wu-Tang Clan, whose one-of-a-kind album Shkreli had to fork over to satisfy court debt.Messages seeking comment were left with Shkreli's lawyers.

But the move sparked outrage from the medical community to Congress and was a rare source of bipartisan agreement on the 2016 presidential campaign trail, where Democrat Hillary Clinton called it price-gouging and future President Donald Trump, a Republican, called Shkreli "a spoiled brat." The FTC and seven states -- New York, California, Illinois, North Carolina, Ohio, Pennsylvania and Virginia -- alleged in their case that Vyera hiked the price of Daraprim and illegally created "a web of anticompetitive restrictions" to prevent other companies from creating cheaper generic versions. Among other things, they alleged, Vyera blocked access to a key ingredient for the medication and to data the companies would want to evaluate the drug's market potential.

The trial record included evidence showing Shkreli kept in regular contact with company executives, even after he went to prison. A spreadsheet kept by one executive showed more than 1,500 contacts with Shkreli between December 2019 and July 2020.

There was no law for his price gouge how is it possible to make him return 54m thisworld ffs this is like watching children play a game and change the rules everytime it’s convenient for them.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Shkreli ordered to return $64M, is barred from drug industryMartin Shkreli must return $64.6 million in profits he and his former company reaped from jacking up the price and monopolizing the market for a lifesaving drug, a federal judge ruled Friday while also barring the provocative, imprisoned ex-CEO from the pharmaceutical industry for the rest of his life. Another 'human' that can go get effed
Source: CP24 - 🏆 30. / 67 Read more »

U.S. judge orders 'Pharma Bro' Martin Shkreli pay back $64M, bars him from drug industry | CBC NewsMartin Shkreli must return $64.6 million US in profits he and his former company reaped from raising the price of the life-saving drug Daraprim, a federal judge ruled Friday while Shkreli from participating in the pharmaceutical industry for the rest of his life. Couldn't have happened to a more deserving guy. Yes. Now go after him for the money. Don't make it an empty judgment for sure there should be a price control on Medicines....
Source: CBCAlerts - 🏆 37. / 63 Read more »