Abbott Settles TriCor Class Action For $184M

Law360 (November 20, 2008, 12:00 AM EST) -- After several years of hard-fought litigation, Abbott Laboratories has agreed to pay $184 million to settle antitrust claims by rival pharmaceutical companies, drug stores and other purchasers that the company profited by unfairly blocking a generic version of the blockbuster cholesterol drug TriCor from the market.

The settlement resolves allegations by competitors Teva Pharmaceuticals and Impax Laboratories Inc. that Abbott conspired with its French partner Fournier Industrie et Sante to launch frivolous lawsuits to fence off the market and prevent competition for TriCor.

Abbott and Fournier filed more than 10 patent lawsuits — all of which were later dismissed or lost...

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