The court upholds the $64 million penalty, holding the former CEO liable for price gouging and fraud.
The Supreme Court declined to hear an appeal filed by former pharmaceutical CEO Martin Shkreli, upholding a lower court’s decision to impose a $64.6 million financial penalty. The former executive was working as the chief executive of Turing Pharmaceuticals when he decided to hike the price of Daraprim from $17.50 to $750 per dose within a day in 2015. Daraprim is used to treat malaria, HIV, and a number of other parasitic illnesses.
The Federal Trade Commission, along with seven states, sued Shkreli for monopolistic actions that kept generics off the market. A district judge in Manhattan imposed the penalty in 2022, which equals the profits made by inflating the price of the drug. The pharmaceutical executive was also banned from the drug industry for life.
In his appeal, Shkreli argued that he should not have to pay the entire fine since he never received profits amounting to that amount.
As the Lord Leads, Pray with Us…
- For wisdom for the judges in federal district and circuit courts as their rulings often stand.
- For the justices of the Supreme Court to be led by God in their decisions and opinions.
Sources: Reuters, CNBC
