LPI has been involved in multiple civil lawsuits alleging anticompetitive behavior related to certain products and violation of federal and state antitrust laws, the company said in a stock exchange filing.
These multiple civil lawsuits were then combined into the collection of similar cases referred to as In Re Generic Pharmaceuticals Antitrust Litigation located in Philadelphia, Pennsylvania. While LPI denies the allegations but considering that other defendants have recently settled the case and in order to avoid the costs and uncertainties of continued Litigation, LPI has entered into a Settlement Agreement with one of the Plaintiffs namely Humana Inc., it added.
Under the terms of the Agreement, LPI will pay USD 30 million in consideration for a full and final release of all claims against LPI and its current and former parents, affiliates, directors, employees and officers by Humana. This amount of settlement has already been provided in the prior consolidated financial results, the company said.
The settlement explicitly states that LPI denies all allegations made against it, and that the Agreement does not imply any admission of liability or unlawful conduct by LPI.
