State Will Sue Pharmaceutical Company Over Pension Losses
Florida's state-run pension plan is going to sue a pharmaceutical company over millions in losses that top officials contend were due to fraud.
Gov. Rick Scott and the two other members of the state board that oversees the Florida Retirement System voted Tuesday to proceed with a lawsuit against Valeant Pharmaceuticals International.
Florida's lawsuit will be independent of any class action shareholder lawsuits against the drug maker.
The state lost $62 million on shares of Valeant that were purchased between January 2013 and August 2016. A legal analysis alleges that Valeant officials embarked on a scheme to inflate drug prices and artificially boost sales.
Valeant's practices were put under a microscope by multiple congressional committees probing soaring prescription drug prices.
The Florida Retirement System is worth more than $150 billion.