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In Brief: Abbott Labs settlement

This article was originally published in The Tan Sheet

Executive Summary

Abbott Labs settlement: Similac infant formula maker will pay $4.7 mil. to settle price-fixing claims filed last summer by the state of Minnesota, Attorney General Hubert Humphrey announced on May 24. "The suit was filed on behalf of consumers and taxpayers who support the Minnesota Women, Infants and Children (WIC) program after it was discovered that the price of infant formula had increased by 130% between 1980 and 1993, while the price of milk had decreased by 6% during that period," Humphrey explained. Enfamil manufacturer Mead Johnson also was charged in the suit but has not settled; Humphrey predicts the suit may go to trial this fall. The Minnesota settlement is only a fraction of the $32.5 mil. in compensation that Abbott reportedly has agreed to pay to settle price-fixing suits in 17 states...
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