Pfizer fined $2.3B in record fraud settlement

Pharma giant illegally promoted product, Justice Department says, in largest health care fraud settlement in history.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)

bextra.03.jpg
Pfizer pled guilty to misbranding the anti-inflammatory arthritis drug Bextra "with the intent to defraud or mislead."
Photos
Sick pay: 9 stories of health costs
From $10,000 deductibles to no coverage at all, CNNMoney.com readers and viewers reveal their battle with the rising costs of health insurance.

WASHINGTON (CNN) -- Drug manufacturing giant Pfizer has agreed to pay a $2.3 billion penalty for illegally promoting its pharmaceutical products, the Justice Department announced Wednesday.

The agreement is the largest health care fraud settlement in the department's history, Justice officials said.

Pharmacia and Upjohn Company, a Pfizer (PFE, Fortune 500) subsidiary, has agreed to plead guilty to misbranding the anti-inflammatory arthritis drug Bextra "with the intent to defraud or mislead," the department announced.

Bextra was pulled from the market in 2005 at the request of the Food and Drug Administration.

Pfizer previously disclosed the $2.3 billion payment in a January filing with the Securities and Exchange Commission. To top of page

Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
7 quirky luxury products for the super rich Take a look at some of the most unusual luxury products being marketed to the top 1% in Monaco, including a rotating sunbed, hand-made wooden skis and fur coats for dogs. More
Five things to know about Putin's Russia An economic crisis, Western sanctions and a comeback currency: What's going on in Russia? More
9 up-and-coming collectible cars They're relatively cheap now but these models have already caught collectors' eyes and are expected to increase in value in years to come More
Sponsors
Worry about the hackers you don't know 
Crime syndicates and government organizations pose a much greater cyber threat than renegade hacker groups like Anonymous. Play
GE CEO: Bringing jobs back to the U.S. 
Jeff Immelt says the U.S. is a cost competitive market for advanced manufacturing and that GE is bringing jobs back from Mexico. Play
Hamster wheel and wedgie-powered transit 
Red Bull Creation challenges hackers and engineers to invent new modes of transportation. Play