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Schering doubles litigation reserves

Executive Summary

Schering-Plough added $250 mil. to its litigation reserves in the second quarter largely in connection with the Boston U.S. Attorney's investigation of the company, Schering said July 21. Schering disclosed the criminal investigation into off-label promotion, Medicaid rebate evasion and obstruction of justice in 2003 (1"The Pink Sheet" June 2, 2003, p. 12). The company's total litigation reserves of $500 mil. represent the firm's estimate of the funds necessary to resolve the matter. The additional funds may also be used for separate inquiries by the U.S. Justice Department and several states into wholesale pricing practices...
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