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Omnicare Completes $98 Million Voluntary Settlement Agreement - Qui Tam Team

Omnicare Completes $98 Million Voluntary Settlement Agreement

 

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Omnicare (OCR) Finalizes Voluntary Settlement Agreement; to Pay $98M Plus Interest

November 3, 2009 1:38 PM EST

Omnicare, Inc. (NYSE: OCR) today announced that it has finalized a previously disclosed agreement in principle for a voluntary civil settlement with the U.S. Attorney’s Office, District of Massachusetts, the Departments of Justice and Health and Human Services, as well as various of the states in which the Company does business. The settlement relates to the previously disclosed investigation with respect to qui tam complaints filed against the Company. The Company cooperated fully with the review of these matters and is pleased to have reached a resolution.

The Settlement Agreement does not include any finding of wrongdoing or any admission of liability by Omnicare. The Company denies the contentions of the federal government and the qui tam relators as set forth in the complaints and further denies any liability related to those contentions. The allegations include claims that the Company purportedly purchased a medical supply business at an above-market price to induce the referral of business; allegedly received improper payments from pharmaceutical manufacturers; and purportedly provided consultant pharmacist services to customers at below cost and fair market value to induce the referral of business. The Company agreed to settle the matters in order to avoid expensive and time-consuming litigation and to focus on its mission of providing high-quality pharmaceutical care for the frail elderly.

Under the terms of the Settlement Agreement, Omnicare has agreed to pay $98 million plus interest (from June 24, 2009, the date of the aforementioned agreement in principle) to the federal government and the participating states and the District of Columbia and related expenses. Consistent with previous disclosure, this amount has been reserved by Omnicare. Omnicare has also voluntarily entered into an Amended and Restated Corporate Integrity Agreement with the Department of Health and Human Services. The CIA will be in effect for a period of five years and provides for, among other things, training and oversight to demonstrate Omnicare’s commitment to comply with the applicable laws and regulations governing pharmacies.

SOURCE StreetInsider.com

Read the full article here.

 
 
 

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