Israel-based Teva Pharmaceuticals Denies Wrongdoing in US Price-Fixing Lawsuit

Israel-based Teva Pharmaceuticals has denied orchestrating a billion-dollar price-fixing scheme with 19 other generic drug manufacturers, after 44 US states filed a lawsuit alleging malpractice. “The allegations in this new complaint, and in the litigation more generally, are just that – allegations,” Teva officials wrote in a statement. The missive added that the company will “review the issue internally and has not engaged in any conduct that would lead to civil or criminal liability.” The 500-page lawsuit, filed by Connecticut Attorney General William Tong, claims the Israeli pharmaceutical company conspired with competitors to raise prices – in some cases by up to 1,000 percent – on 112 different generic drugs between July 2013 and January 2015. The plaintiffs are seeking unspecified damages and urged the court to take action to restore competition in the market.