Mergers & Antitrust Law News

Express Scripts, UBC Must Pay $82 Million in Delaware Fraud Suit

June 25, 2019, 10:48 PM

Express Scripts Inc. and United BioSource LLC must pay Bracket Holding Corp. $82.1 million after a fraudulent 2013 clinical software business sale.

Bracket purchased the software business from UBC based on “repeated manipulations and false representations of revenue and earnings,” according to the amended complaint filed in Delaware Superior Court in 2016. A jury found for Bracket June 24.

Bracket overpaid by about $50 million thanks to the “fraudulent overstatement of revenue,” the complaint said. Both Express Scripts and UBC committed fraud, the jury found. Express Scripts aided and abetted UBC’s fraud, but didn’t conspire to bring it about, according...

To read the full article log in. To learn more about a subscription click here.