Report: Teva Settles Investor Lawsuit for $420M

Teva Pharmaceutical Industries has settled a class action filed against it by investors in the U.S. over the price-fixing affair in which the company was allegedly involved.

According to Globes, Teva will pay $420 million, without admitting wrongdoing, and it denies the claims.

Shareholders sued Teva in 2016 following an investigation by the U.S. authorities into alleged price-fixing in the generic drugs industry. In 2020, the U.S. Department of Justice alleged that Teva’s price-fixing cost U.S. consumers over $350 million. Other generics companies, including Israeli company Taro, reached settlements in the affair, but Teva did not, the report said.

In a statement, Teva said, “We continue to settle complex legal cases in order to be able to focus on our mission of providing access to life-saving drugs at affordable prices all over the world. Teva’s insurers will bear most of the amount of the settlement, alongside a small sum to be paid by Teva. In addition, Teva does not admit any responsibility and denies the claims. Settlement of the matter reflects the general interest of Teva, and of the patients who continue to rely on us daily for the largest generic drugs portfolio in the world.”