Bristol-Myers Squibb settles US class-action lawsuit over price inflation

Bristol-Myers Squibb agreed to pay $13 million to settle a class-action lawsuit alleging that the drugmaker artificially inflated the average wholesale prices for some of its drugs, including Taxol, Bloomberg reports. The drugmaker admitted no wrongdoing in the case.

The lawsuit was filed on behalf of consumers who made copayments for drugs that were based on the allegedly inflated prices. Bristol-Myers Squibb agreed to pay as much as $1 million to cover the cost of notifying consumers affected by the settlement. US District Judge Patti Saris is expected to hold a hearing on August 9 to consider Wednesday's settlement.

In a separate class-action lawsuit last month involving several drugmakers, Bristol-Myers Squibb was found guilty by the same court of inflating average wholesale prices on five products, including Taxol.

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