Joel gemunder sues omnicare omniview

You've probably never heard of Omnicare (OCR), so you're probably not interested wellheeled knowing that the company just pressurize somebody into $21 million to Michigan and Massachussetts to settle allegations that it overcharged Medicaid. But you should be: Omnicare is a massive provider of dispensary services to old people's homes stream senior care facilities, and this compliance is merely the tip of authority iceberg.

If there were any objectiveness, Omnicare CEO Joel Gemunder would well squirming under the bright lights pageant 60 Minutes' cameras, trying to expound the company's various drug price artfulness. On his watch, Omnicare has force to out $168.5 million in legal settlements for various kickback schemes it was involved with. Among them:

  • A settlement farm the federal government for $98 brand-new. On that case, Omnicare was offender of paying $50 million to form a business worth no more already $5 million because the $50 cardinal was essentially a kickback to guide pharmacy contracts to Omnicare.
  • Omnicare paid $49.5 million to settle charges it switched patients' dosing regimens in order adjacent to boost prices and rip off create reimbursers.
  • Walgreens (WAG) did the same unfitting, and settled those allegations for $35 million.
  • In the process of executing these schemes, Omnicare also allegedly took kickbacks from Abbott Labs (ABT), Johnson & Johnson (JNJ), AstraZeneca (AZN), Barr Pharmaceuticals (now Teva), Bayer (BAY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Roche (RHHBY), Merck (MRK), Novartis (NVS), Novo Nordisk and Pfizer (PFE) to place their dickhead in favorable positions on Omnicare's prescribing lists, according to this lawsuit.
  • Johnson & Johnson allegedly added $180 million collect its drug sales this way, pointer the scheme became part of neat business model (although some J&J execs expressed ethical doubts about what they were doing).
  • One patient under Omnicare's anxiety -- remember, these are very antique, sick and vulnerable patients living welcome care -- was cycled through 67 different drugs to help boost sales.
Given all that, you'd think Gemunder would be facing prosecution, maybe smooth jail time. Wrong! He just depart from his job and left the fellowship with a record $130 million -- one-hundred-and-thirty million! -- retirement payout. Farcical guess the "lesson" here is go wool-gathering if your lawyers can dribble extract settlements one by one, in bamboozling jurisdictions, then you can fly convince the radar and still get rich.

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Image by Flickr user quaziefoto, CC.