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Abbott settlement

This article was originally published in The Tan Sheet

Executive Summary

Firm will record one-time charge of $622 mil. in Q2 in anticipation of a settlement of civil and criminal charges related to sales and marketing practices by firm's Ross Products enteral nutrition division. Charges stemmed from industry-wide investigation of the enteral nutrition sector, initiated in the mid-1990's by the U.S. Attorney's office in the Southern District of Illinois. Investigation reportedly involved allegations of kickbacks in the form of discounted or free enteral pumps being supplied in exchange for disposable pump set supply contracts with providers; charges for such pumps may have been passed on to Medicare and Medicaid. "The anticipated settlement will resolve all outstanding allegations by the government," including "all federal and state Medicare and Medicaid issues," Abbott says in June 26 release...
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