[45 / 1 / 6]
415KiB, 740x416, 107311978-1696508747259-gettyimages-1706344618-FTX_TRIAL.png
https://www.cnbc.com/2024/01/23/appeals-court-upholds-pharma-bro-martin-shkreli-lifetime-ban-from-drug-industry.html
A federal appeals court Tuesday upheld a lifetime ban on “pharma bro” Martin Shkreli from working in the pharmaceuticals industry as well as an order to pay up to $64.6 million in disgorged profits for blocking competition to the drug Daraprim after hiking its price by more than $700 per pill.
The unanimous ruling by a three-judge panel on the 2nd U.S. Circuit Court of Appeals came nearly two years after a New York federal district court judge slapped the ban on Shkreli for the monopolistic behavior of his then-drug company in the distribution of Daraprim.
The ban was in response to a civil lawsuit filed by the Federal Trade Commission and seven states, among them New York and California.
“The district court’s injunction was a reasonable measure to protect the public from the risk of recurring anticompetitive conduct in the pharmaceutical industry by Shkreli,” the ruling Tuesday said.
“Given Shkreli’s pattern of past misconduct, the obvious likelihood of its recurrence, and the life-threatening nature of its results, we are persuaded that the district court’s determination as to the proper scope of the injunction was well within its discretion.”
Shkreli first gained widespread notoriety in 2015 when his company raised the price of that life-saving drug by more than 4,000% overnight.
A federal appeals court Tuesday upheld a lifetime ban on “pharma bro” Martin Shkreli from working in the pharmaceuticals industry as well as an order to pay up to $64.6 million in disgorged profits for blocking competition to the drug Daraprim after hiking its price by more than $700 per pill.
The unanimous ruling by a three-judge panel on the 2nd U.S. Circuit Court of Appeals came nearly two years after a New York federal district court judge slapped the ban on Shkreli for the monopolistic behavior of his then-drug company in the distribution of Daraprim.
The ban was in response to a civil lawsuit filed by the Federal Trade Commission and seven states, among them New York and California.
“The district court’s injunction was a reasonable measure to protect the public from the risk of recurring anticompetitive conduct in the pharmaceutical industry by Shkreli,” the ruling Tuesday said.
“Given Shkreli’s pattern of past misconduct, the obvious likelihood of its recurrence, and the life-threatening nature of its results, we are persuaded that the district court’s determination as to the proper scope of the injunction was well within its discretion.”
Shkreli first gained widespread notoriety in 2015 when his company raised the price of that life-saving drug by more than 4,000% overnight.
