(Reuters) – Teva Pharmaceutical Industries Ltd has agreed to pay $420 million to settle shareholder litigation alleging the company hid an anti-competitive scheme to fix the price of generic drugs.
The settlement was disclosed on Tuesday in papers filed in federal court in Connecticut. The company did not admit to wrongdoing.
Shareholders had sued the company in 2016 amid scrutiny by government authorities into alleged price fixing by major pharmaceutical companies.
The U.S. Justice Department sued Teva in 2020, alleging the company conspired with competitors to raise prices for generic drugs. The company has denied the allegations.
(Reporting by Jody Godoy; Editing by Noeleen Walder, Franklin Paul and Chris Reese)
