Reuters: Regulatory News: Abbott to pay $1.6 bln for past sales practices

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Abbott to pay $1.6 bln for past sales practices May 7th 2012, 17:04 Mon May 7, 2012 1:04pm EDT May 7 (Reuters) - Abbott Laboratories Inc said on Monday it has agreed to pay $1.6 billion to resolve civil and criminal allegations related to past sales practices involving its anti-seizure drug Depakote. The diversified healthcare company has also agreed to plead guilty to one misdemeanor violation of the Food, Drug and Cosmetic Act for misbranding, and to enter into a Corporate Integrity Agreement with the U.S. government that will oversee Abbott's compliance program for five years. The settlement resolves the Depakote matter with the federal government, as well as 49 states and the District of Columbia, Abbott said.

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