Major Drug Manufacturer Agrees To Pay $29,600,000 To Patients and States Across US, Settling Allegations of Illegally Inflating Generic Medication Prices

A major drug company has agreed to pay millions to settle accusations of illegally inflating generic medication prices. Glenmark will pay $29.6 million to resolve claims brought by dozens of states.

The lawsuit accused the manufacturer of participating in a price-fixing scheme with other drug companies that kept generic drug prices artificially high through coordinated actions. The company is accused of engaging in limiting competition via executive meetings and communications spanning from May 2009 to December 2019. The lawsuit claims the defendant engaged in systematic antitrust violations affecting consumers who purchased the medications during that period.

A coalition of 48 states and territories reached the settlement with Glenmark, and the funds are designated for consumer restitution to compensate people for overcharged generic prescriptions. Patients who bought qualifying generic drugs from Glenmark and prior settling companies in the US between May 2009 and December 2019 may receive payments once the claims process opens on the official settlement website at aggenericdrugs.com.

The biggest shares of the payout are expected to go to California, Texas, New York, Florida, Pennsylvania, Illinois, Ohio, Michigan, Georgia and North Carolina. Follow us on X, Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets.

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