Top 10 Whistleblower Cases of 2012 Net Over $7.5B

February 4th, 2013. By AbiK

A recent report by the Federal Elections Commission has come out putting the cost of the recent election cycle at more than $7 billion. That’s a lot of money. Enough that the folks over at Newsy put together the little video clip (above) about it.

But $7 billion ironically pops up in another tally for 2012—the top 10 whistleblower settlements for the year add up to more than $7.5 billion. It’s a staggering amount—not only for an election, but also for whistleblower cases as, think about it, it only represents the tip of the iceberg.

If you’re wondering what those whistleblower settlements were, here’s the list:

1. GlaxoSmithKine – $3 billion

Reason: Illegally marketing some of its prescription drugs such as Paxil, Avandia, Advair, Wellbutrin, Zofran, Imitrex, Lamictal, Lotronex, Floven and Valtrex.

2. Abbott Laboratories – $1.5 billion

Reason: Abbott’s off-label marketing of Depakote.

3. Bank of America – $1 billion

Reason: Mortgage and bank fraud.

4. Merck – $950 million

Reason: Marketing Vioxx illegally

5. Pfizer – $491 million

Reason: Kickbacks and using off-label marketing for organ transplant rejection drug, Rapamune

6. Senior Care Action Network – $323 million

Reason: California Medicaid and HMO cost reporting fraud.

7. Actavis – $202 million

Reason: to settle numerous claims that the company reported inflated prices of its drugs, causing the US and four state governments to overpay.

8. Deutsche Bank – $202 million

Reason: False certification for HUD/FHA loans

9. Oracle – $199 million

Reason: Failure to provide discount pricing

10. McKesson – $190 million

Reason: Accusations that the company inflated prices of numerous prescription drugs, resulting in Medicaid overpaying for those drugs.

Tags: false claims, Fraud, Off Label Marketing, Whistleblower

This was posted on Monday, February 4th, 2013 at 6:10 pm and is filed under Emerging Issues, Whistleblower . Feel free to respond, or trackback. Read our comments policy.