DePuy And Parent Company Ordered To Shell Out Millions
July 28, 2016 at 4:25 p.m.
By Staff Report-
DePuy has been ordered by a British high court to pay 4.83 million pounds for unlawful conduct in Greece from 1998 to 2006, according to Dow Jones Newswires.
The Wall Street Journal reported the unlawful conduct was the bribing of doctors in Greece, Poland and Romania to use DePuy’s surgical implants.
DePuy also has reached an agreement with the United States Department of Justice, Dow Jones Newswires reports, that includes a $21.4 million penalty for the Warsaw-based orthopedic company as well as a sanction with the Securities Exchange Commission of $24.258 million plus interest of $6.263 million.
In total, Johnson and Johnson is reported to have reached a $70 million settlement with the Department of Justice to settle the bribery and fraud charges.
The Wall Street Journal also reported the U.S. government alleged that Johnson & Johnson subsidiaries paid kickbacks to Iraq to obtain 19 contracts under the U.N. Oil for Food Program.
J&J Chairman and Chief Executive William C. Weldon told the Wall Street Journal that his company has taken “significant changes” to improve the company and its subsidiaries compliance.
DePuy and Johnson & Johnson aren’t the only pharmaceutical companies under investigation.
The Wall Street Journal reported that Pfizer is also under investigation for overseas bribery.
The newspaper also noted that Merck, AstraZeneca, Bristol-Myers Squibb and GlaxoSmithKline also disclosed foreign bribery investigations in regulatory filings last year.[[In-content Ad]]
DePuy has been ordered by a British high court to pay 4.83 million pounds for unlawful conduct in Greece from 1998 to 2006, according to Dow Jones Newswires.
The Wall Street Journal reported the unlawful conduct was the bribing of doctors in Greece, Poland and Romania to use DePuy’s surgical implants.
DePuy also has reached an agreement with the United States Department of Justice, Dow Jones Newswires reports, that includes a $21.4 million penalty for the Warsaw-based orthopedic company as well as a sanction with the Securities Exchange Commission of $24.258 million plus interest of $6.263 million.
In total, Johnson and Johnson is reported to have reached a $70 million settlement with the Department of Justice to settle the bribery and fraud charges.
The Wall Street Journal also reported the U.S. government alleged that Johnson & Johnson subsidiaries paid kickbacks to Iraq to obtain 19 contracts under the U.N. Oil for Food Program.
J&J Chairman and Chief Executive William C. Weldon told the Wall Street Journal that his company has taken “significant changes” to improve the company and its subsidiaries compliance.
DePuy and Johnson & Johnson aren’t the only pharmaceutical companies under investigation.
The Wall Street Journal reported that Pfizer is also under investigation for overseas bribery.
The newspaper also noted that Merck, AstraZeneca, Bristol-Myers Squibb and GlaxoSmithKline also disclosed foreign bribery investigations in regulatory filings last year.[[In-content Ad]]
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