NEW DELHI, Apr 17: Pharma major Lupin Ltd on Friday said its arm Lupin Pharmaceuticals, Inc USA has entered into a USD 30 million settlement agreement with Humana Inc for litigation over alleged anti-competitive practices.
Lupin Pharmaceuticals, Inc USA (LPI) has been involved in multiple civil lawsuits alleging anti-competitive behaviour related to certain products and violation of federal and state antitrust laws.
These multiple civil lawsuits were then combined into the collection of similar cases referred to as ‘In Re Generic Pharmaceuticals Antitrust Litigation’ located in Philadelphia, Pennsylvania, Lupin said in a regulatory filing.
“While LPI denies the allegations, bu considering that other defendants have recently settled the case and in order to avoid the costs and uncertainties of continued litigation, LPI has entered into a settlement agreement with one of the plaintiffs namely Humana Inc. (Humana),” it added.
Under the terms of the agreement, LPI will pay USD 30 million in consideration for a full and final release of all claims against LPI and its current and former parents, affiliates, directors, employees and officers by Humana, the company said.
This amount of settlement has already been provided in the company’s prior consolidated financial results, it added.
The settlement “explicitly states that LPI denies all allegations made against it, and that the agreement does not imply any admission of liability or unlawful conduct by LPI”, the filing said. (PTI)
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