Martin Shkreli Ordered to Return $64 Million in Drug Profits; Banned from Pharmaceutical Industry for Life
Martin Shkreli Ordered to Return $64 Million in Drug Profits; Banned from Pharmaceutical Industry for Life
On January 14, 2022, a federal judge ordered pharmaceutical executive Martin Shkreli to return $64.6 million worth of profits he made from hiking the price of the lifesaving drug, Daraprim, and banned Shkreli from ever working in the industry again.
U.S. District Judge Denise L. Cote said in her opinion that Shkreli, often known as “Pharma Bro,” violated state and federal laws as a result of his scheme to preserve a monopoly for Daraprim, which is used to treat parasitic infections and HIV. The ruling followed a seven-day bench trial, which featured live testimony from Vyera Pharmaceuticals employees (Shkreli’s former company), generic drug manufacturers, and expert witnesses. Shkreli, who is currently serving a seven-year prison sentence on an unrelated federal conviction, did not attend the trial.
The lawsuit was brought in January 2020 by the Federal Trade Commission and New York’s attorney general and was later joined by six additional states.
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Kristyn Fields’ practice is focused on antitrust litigation. Kristyn is a Partner in the firm’s New York office.
