SEC Awards $4.5 Million to Whistleblower Whose Internal Reporting Led to Successful SEC Case and Related Action

The SEC has now awarded approximately $381 million to 62 individuals since issuing its first award in 2012. All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators. No money has been taken or withheld from harmed investors to pay whistleblower awards. Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million. read more »

Teva Pharm to pay Oklahoma $85 million to settle opioid claims

Teva Pharmaceutical Industries Ltd said on Sunday it had agreed to pay an $85 million settlement with the state of Oklahoma days before the company was set to face trial over allegations that it and other drugmakers helped fuel the U.S. opioid epidemic. read more »

$2.1m Novartis gene therapy to become world's most expensive drug

Swiss drugmaker Novartis has received US approval for its spinal muscular atrophy gene therapy Zolgensma – pricing the one-time treatment at a record $2.125m. read more »

McKinsey Said Disclosure Rules Were Confusing. It Ignored Its Own Primer.

McKinsey & Company has spent months fighting in court over how it should disclose potential conflicts of interest when it advises bankrupt companies. The powerful consulting firm has defended itself by arguing that federal disclosure rules are so vague and confusing that almost no one can agree on how to comply.

But for years McKinsey has had a 57-page primer — titled “Bankruptcy 101” — that lays out how to identify possible conflicts and make proper disclosures. The only problem: McKinsey hasn’t been following its own instruction manual. read more »