BMS pays out $89 million in court settlement

pharmafile | June 14, 2005 | News story | Sales and Marketing  

Bristol-Myers Squibb has reached a deal to pay $89 million to settle four lawsuits related to inflated inventories and other accounting matters and its investment in cancer specialist ImClone.

BMS did not admit any wrongdoing in the cases, which were brought against it in the New York State Supreme Court.

The lawsuits were in addition to a federal court litigation which was settled by BMS in November of last year.

The past few years has seen the US company try to resolve a number of lawsuits relating to inventory and accounting problems.

BMS has reserved $140 million to cover for liabilities in relation to the lawsuits.

 

 

 

 

 

 

 

 

 

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