Judge OKs $500-Million Schering-Plough Fine
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Schering-Plough Corp. must pay a record $500-million fine to settle complaints by U.S. regulators about production flaws that delayed its new allergy drug, Clarinex, now that a federal judge has approved the agreement.
The company, which announced the agreement Friday, must pay $250 million to the U.S. Treasury by May 30 and an additional $250 million within a year. The 45-page consent decree U.S. District Judge Joel Pisano signed requires Schering-Plough to pay up to $175 million if it fails to comply with the timetables in the agreement.
Schering-Plough shares fell 15cents to $26.45 in New York Stock Exchange trading.
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