Our law firm proudly announces that an out-of-court settlement has been achieved between the multinational pharmaceutical company Novartis and the American authorities (Securities and Exchange Commission – U.S. Department of Justice). Novartis is required to pay a total of $345,000,000 for unfair practices in Greece, South Korea, and Vietnam. This is one of the largest fines imposed under the U.S. Foreign Corrupt Practices Act (FCPA) for unfair business practices by a company outside the United States. $310,000,000 of the fine pertains to the unfair practices of Novartis Hellas. (The remaining fine concerns South Korea and Vietnam).
Our law firm feels fully vindicated by this development for the titanic battle waged before the American justice system against Novartis’ unfair practices in our homeland. It is a significant victory for transparency and against corruption. We dedicate this victory to all Greek citizens who paid a high price for corruption in our healthcare sector and see the guilty parties still walking free and challenging reason and justice.
We have included links to the SEC and DoJ decisions for your reference:
https://www.sec.gov/litigation/admin/2020/34-89149.pdf
https://www.justice.gov/usao-nj/press-release/file/1289826/download
Athens, 06/25/2020
PAVLOS K. SARAKIS
Attorney/Criminologist
