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Attorney General Gordon C. Rhea yesterday joined a coalition of 43 states and territories seeking court approval of a $400 million settlement with Sandoz Inc. and Fougera Pharmaceuticals Inc. to resolve allegations that the generic drug manufacturers engaged in a widespread, long-running conspiracy to artificially inflate and manipulate prices, reduce competition, and unreasonably restrain trade with regard to numerous generic prescription drugs. The States previously announced a settlement in principle on August 3. All 43 states and territories have since signed onto the agreement and a motion for preliminary approval of the settlement was filed yesterday in the United States District Court for the District of Connecticut in Hartford.

U.S. Virgin Islands – Attorney General Gordon C. Rhea today joined a coalition of 43 states and territories announcing a $400 million settlement in principle with Sandoz Inc. to resolve allegations that the generic drug manufacturer engaged in widespread, long-running conspiracies to artificially inflate and manipulate prices, reduce competition, and unreasonably restrain trade with regard to numerous generic prescription drugs.  If approved, Sandoz Inc. will pay a total of approximately $469 million to settle the claims brought by state enforcers, including amounts paid pursuant to previous settlements with other states.  The settlement will also resolve allegations that Sandoz Inc.’s past and present international affiliates, Novartis AG, Sandoz AG, and Sandoz Group AG, participated in the alleged anticompetitive conduct and fraudulently transferred assets in order to avoid liability. As part of the settlement in principle, Sandoz has agreed to meaningful injunctive terms including a series of internal reforms to ensure fair competition and compliance with antitrust laws.  This settlement is contingent upon obtaining signatures from all necessary states and territories and comes as the States prepare for an anticipated trial in 2027.