Ranbaxy to pay $500 million in US lawsuit settlement

Drugmaker Ranbaxy Laboratories Ltd pleaded guilty on Monday to felony charges related to drug safety and will pay $500 million in civil and criminal fines under the settlement agreement with the US Department of Justice.

The settlement has been in the works for some time.

In December 2011, Ranbaxy set aside $500 million to resolve the potential criminal and civil liabilities related to the investigation by the government into its manufacturing practices and falsifying data.

The company reached a related settlement agreement with the US Food and Drug Administration in 2011.

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