Teva Pharmaceutical Industries Ltd. has agreed to pay $420 million to settle shareholder litigation alleging the company hid an anti-competitive scheme to fix the price of generic drugs.
The settlement was disclosed on Tuesday in papers filed in federal court in Connecticut. The company did not admit to wrongdoing.
Teva spokesperson Kelley Dougherty said the “vast majority” of the settlement will be funded by the company’s insurers.
“This resolution is in the overall best interest of Teva and the patients who continue to rely on us each day for the world’s largest portfolio of generics medicines,” Dougherty said in an email.