State will file federal suit against Valeant Pharmaceuticals - Florida Politics

State will file federal suit against Valeant Pharmaceuticals

The state will file a federal lawsuit against Valeant Pharmaceuticals International over the $62 million it lost when it purchased company shares while Valeant allegedly ran a scheme that shielded it from competition and aggressively increased drug prices.

The Cabinet voted to pursue direct action against the drug company on Tuesday.

The State Board of Administration (SBA), which oversees the state’s investments, is looking to recover millions of dollars from the company that were lost in trading.

If the state opted to join a class action suit, instead of filing its own lawsuit, the estimate recovery would have been much less — about $390,000, according to staff analysis.

Ana covers politics and policy for Florida Politics. Before joining Florida Politics, she was the legislative relief reporter for The Associated Press and covered policy issues impacting immigration, the environment, criminal justice and social welfare in Florida. She holds a B.A. in journalism from San Diego State University. After graduating in 2014, she worked as a criminal justice reporter for the Monterey Herald and the Monterey County Weekly. She has also freelanced for The Washington Post at the U.S.-Mexico border covering crime in the border city of Tijuana, where she grew up. Ana is fluent in Spanish and has intermediate proficiency in Portuguese.
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