Entries by ceadmin

New York sues GlaxoSmithKline

May 19, 2004 /0 Comments/in /by

The city of New York has sued drug maker GlaxoSmithKline, claiming that the company engaged in “anticompetitive, fraudulent, and inequitable conduct,” when it acquired patents for its anti-depressant Paxil.

The suit, filed in federal court in Philadelphia, accuses the company of unfairly keeping generic versions of the drug off the market by obtaining more than a dozen “frivolous” patents on Paxil over the past decade.

The complaint accused the company of violating antitrust laws and seeks repayment of the millions of dollars the city has spent purchasing Paxil for New York residents through the Medicaid program

Adecco delays results again

May 18, 2004 /0 Comments/in /by

The world’s largest employment agency, Adecco, has again delayed the release of its 2003 results, saying an independent audit has yet to be completed.

Adecco gave no new date for the release of the figures, which had been due out on Tuesday.

The company repeated in a statement that bookkeeping problems discovered earlier this year had had little impact on its finances

SEC Charges Lucent Employees

May 17, 2004 /0 Comments/in /by

CHICAGO (Reuters) – Nine current and former employees of Lucent Technologies Inc. and another individual on Monday were charged with securities fraud for their roles in accounting problems at the telecommunications equipment maker.

The civil case dates back to the company’s fiscal year 2000, during which the U

GlaxoSmithKline faces antitrust investigation

May 11, 2004 /0 Comments/in /by

A drug manufacturer being investigated for possible antitrust violations because it cut off shipments to Canadian mail-order pharmacies has to turn its records over to the Minnesota attorney general’s office, a judge has ruled.

Hennepin County District Judge Peter Albrecht also gave a boost to Gov. Tim Pawlenty’s drug-importation Web site, ruling that not all drug importation is illegal

UBS fined $100m

May 11, 2004 /0 Comments/in /by

Switzerland’s largest bank, UBS, has been fined $100m by the United States Federal Reserve for violating US trade sanctions.

UBS admitted “very serious mistakes” had been made and said it would now quit the banknote trading business outside Switzerland.

The Fed had accused the bank of supplying US dollars to countries such as Cuba, Libya, Iran and Yugoslavia

Citigroup settles Worldcom claims

May 11, 2004 /0 Comments/in /by

Citigroup is to pay $2.6bn to settle claims that it was partly to blame for losses suffered by investors who backed failed telecoms giant Worldcom.

The bank is facing legal action from Worldcom shareholders who lost out two years ago when the firm went bust after admitting it had inflated its profits

Merck may owe taxman $2 billion

May 7, 2004 /0 Comments/in /by

NEW YORK (Reuters) – Merck & Co Inc. said Friday the Internal Revenue Service could make it pay more than $2 billion in taxes and penalties because of the agency’s decision to disallow deductions the drug maker has claimed since 1993 from a partnership.

Investors initially appear unconcerned by the tax issue as Merck (MRK: down $0