October 17, 2016

After it was caught accepting direct payments, lavish vacations, and sports tickets from a drug company seeking to improperly boost profits, Omnicare Inc. has agreed to a settlement with the US Department of Justice. The nation’s largest nursing home pharmacy will pay $28 million for its role in a massive kickback scheme perpetrated by drug manufacturer Abbott Laboratories dating back six years. “Omnicare solicited and received kickbacks from Abbott in exchange for recommending that physicians prescribe Depakote, an anti-epileptic drug manufactured by Abbott, to elderly nursing home…

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Investment bankers look set to water down a Dodd-Frank rule designed to snuff out the proliferation of toxic financial products. Players on Wall Street are preparing to minimize the impact of the so-called “skin in the game” rule by setting up affiliated companies to satisfy requirements on risk-sharing, according to The Wall Street Journal. The legal framework, which was finalized by the Obama administration in 2014, is set to take effect on Christmas Eve. The regulations require those who sell Collateralized Debt Obligations (CDOs) to hold onto…

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