Alaska to Benefit in Pharmaceutical Settlement

The State of Alaska is expected to share in a $500 million settlement over state and federal allegations that an India-based pharmaceutical manufacturer distributed impure drugs.

Ranbaxy Laboratories Ltd. Chief Executive Officer Malvinder Mohan Singh speaks at a press conference in New Delhi, India, Wednesday, June 11, 2008.(AP Photo/Gurinder Osan)

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by Associated Press

ANCHORAGE- The State of Alaska is expected to share in a $500 million settlement over state and federal allegations that an India-based pharmaceutical manufacturer distributed impure drugs.

The Department of Law says the drugs resulted in false or fraudulent claims being submitted to Alaska's Medicaid Program.

According to a release, the company, Ranbaxy, agreed to pay the states and federal government $350 million in civil damages and penalties, as well as $150 million in criminal fines.