Biogen agrees to pay $900M to settle drug kickbacks allegations
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Re: Biogen agrees to pay $900M to settle drug kickbacks allegations
#2Anyone going to jail?
Money means nothing if they get charged a fraction of what they made in profits...
Re: Biogen agrees to pay $900M to settle drug kickbacks allegations
#3Anyone going to jail? Money means nothing if they get charged a fraction of what they made in profits...
Their net income for 2021 was $1058M on about $10B of revenue, so this mostly wipes out 1 year of profits.
¯\_(ツ)_/¯
Re: Biogen agrees to pay $900M to settle drug kickbacks allegations
#4Anyone going to jail? Money means nothing if they get charged a fraction of what they made in profits...
> The claims resolved by the settlement are allegations only and there has been no determination of liability.
Not only not going to jail, but didn't even acknowledge any wrongdoing.
Re: Biogen agrees to pay $900M to settle drug kickbacks allegations
#5Anyone going to jail? Money means nothing if they get charged a fraction of what they made in profits...
Their net income for 2021 was $1058M on about $10B of revenue, so this mostly wipes out 1 year of profits. ¯\_(ツ)_/¯
Not sure how long they have been doing this, but even if it was only one year, the fine is too small.
Re: Biogen agrees to pay $900M to settle drug kickbacks allegations
#6I really take issue with "settlements" of such a scale that don't equate to an admission of guilt. It's essentially buying a get of jail free card. If any individual were facing criminal charges, they would have to plea guilty before any easy-way-out is considered.
If it would have taken a billion dollars in legal fees to prove your innocence, I'm going to take a chance and suggest that these claims likely weren't "false".
Re: Biogen agrees to pay $900M to settle drug kickbacks allegations
#7Earlier quoted context omitted.
Their net income for 2021 was $1058M on about $10B of revenue, so this mostly wipes out 1 year of profits. ¯\_(ツ)_/¯
Not sure how long they have been doing this, but even if it was only one year, the fine is too small.
It should be profits plus executive compensation. Profits are too easily manipulated.
Re: Biogen agrees to pay $900M to settle drug kickbacks allegations
#8I really take issue with "settlements" of such a scale that don't equate to an admission of guilt. It's essentially buying a get of jail free card. If any individual were facing criminal charges, they would have to plea guilty before any easy-way-out is considered. If it would have taken a billion dollars in legal fees to prove your innocence, I'm going to take a chance and suggest that these claims likely weren't "f…
What's more, these "headline" settlement numbers usually go before a judge and get knocked down to 10-30% of what they originally were. The new (final) settlement number rarely makes the headlines
Re: Biogen agrees to pay $900M to settle drug kickbacks allegations
#9I really take issue with "settlements" of such a scale that don't equate to an admission of guilt. It's essentially buying a get of jail free card. If any individual were facing criminal charges, they would have to plea guilty before any easy-way-out is considered. If it would have taken a billion dollars in legal fees to prove your innocence, I'm going to take a chance and suggest that these claims likely weren't "f…
There's no such thing as guilt in a civil suit though - even if it goes to trial there is no guilt or non-guilt verdict, there's just a balance of evidence. There's still no admission or presumption of guilt at the end of a trial.
Re: Biogen agrees to pay $900M to settle drug kickbacks allegations
#10I really take issue with "settlements" of such a scale that don't equate to an admission of guilt. It's essentially buying a get of jail free card. If any individual were facing criminal charges, they would have to plea guilty before any easy-way-out is considered. If it would have taken a billion dollars in legal fees to prove your innocence, I'm going to take a chance and suggest that these claims likely weren't "f…
The movie "Law Abiding Citizen" [0] gives voice to similar frustrations.
A very thought-provoking movie, but definitely not a good choice for "date night".