Judge rejects bid by 'Pharma bro' Martin Shkreli to delay paying more than $24.6 million in FTC suit
Source: CNBC
POLITICS
Judge rejects bid by Pharma bro Martin Shkreli to delay paying more than $24.6 million in FTC lawsuit related to medication
PUBLISHED THU, MAR 17 2022 4:03 PM EDT
Dan Mangan
@_DANMANGAN
https://twitter.com/_DanMangan
KEY POINTS
* A judge denied a request by notorious Pharma bro Martin Shkreli to postpone paying nearly the $25 million he owes as part of a civil case judgment for engaging in anticompetitive conduct to protect his drug companys profits.
* The ruling comes two months after the same Manhattan federal judge banned Shkreli, 39, for life from the pharmaceuticals industry and ordered him to disgorge $64.6 million he earned from hiking the price of the life-saving drug Daraprim by more than 4,000% overnight.
* Vyera Pharmaceuticals, the company that Shkreli had founded and served as CEO of, already has paid a $40 million settlement to plaintiffs in the case, which included the FTC, New York, California, and five other states.
A judge Thursday denied a request by notorious Pharma bro Martin Shkreli to postpone paying nearly $25 million he owes as part of a judgment in a civil case for engaging in anticompetitive conduct to protect his drug companys profits.
The ruling comes two months after the same Manhattan federal judge banned Shkreli, 39, for life from the pharmaceuticals industry and ordered him to disgorge a total of $64.6 million he earned from hiking the price of the life-saving drug Daraprim by more than 4,000% overnight.
Shkrelis illegal conduct delayed the entry of a competitor to the anti-parasitic medication for at least 18 months after the price boost, the judge said.
Vyera Pharmaceuticals, the company Shkreli founded and served as CEO, already has paid a $40 million settlement to plaintiffs in the case, which included the Federal Trade Commission and seven states, including New York and California.
That payout reduced what Shkreli owed to $24.6 million.
{snip}
Read more: https://www.cnbc.com/2022/03/17/judge-rejects-bid-by-martin-shkreli-to-delay-paying-penalty-in-ftc-case.html
Drum
(8,917 posts)Mickju
(1,794 posts)Mr.Bill
(24,104 posts)Eugene
(61,595 posts)That's if he can behave himself.
Chainfire
(17,310 posts)TheRealNorth
(9,435 posts)You know, like what Wall Street does to everbody else when they don't pay their bills on time.
oldsoftie
(12,410 posts)Which should have been done when he walked the streets.
Hekate
(90,202 posts)Evolve Dammit
(16,632 posts)NBachers
(17,007 posts)Haggis 4 Breakfast
(1,452 posts)LudwigPastorius
(8,944 posts)Now, fork it over, you soulless scumbag.
https://www.vice.com/en/article/9kz7a7/martin-shkreli-cried-before-getting-seven-years-in-prison
electric_blue68
(14,623 posts)👍
winstars
(4,214 posts)Not saying to pay Amazon to watch it though... eventually it will be free somewhere...
https://www.amazon.com/Pharma-Bro-Martin-Shkreli/dp/B09FQ2H9P2