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NATIONAL BRIEFING
INSURANCE
Former Hollinger executive F. David Radler, right, agreed to cooperate with prosecutors.
(B7 Brian Kersey -- Associated Press)
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Who's Blogging  |
Witt Resigns as Allstate Lobbyist
James Lee Witt, an adviser to Louisiana Gov. Kathleen Babineaux Blanco (D) and a former head of the Federal Emergency Management Agency, has quit lobbying for Allstate to avoid any appearance of conflict, a Witt spokesman said. "We're not working for anyone in Louisiana except the state of Louisiana," said Barry Scanlon, a spokesman for District-based James Lee Witt Associates.
Scanlon said the contract with Allstate, the second-biggest U.S. home and auto insurer, was signed a month before Hurricane Katrina hit the Gulf Coast and the former FEMA director was hired Sept. 13 to advise Blanco.
PHARMACEUTICAL
Glaxo Settles Drug Price Case
GlaxoSmithKline will pay $150 million to settle claims it overcharged the government for two anti-nausea drugs. The Glaxo settlement is the latest in a series of whistle-blower claims that have resulted in $2.4 billion in payments from drug companies. Prosecutors said they are looking into 150 cases of drug price fraud
Glaxo engaged in a scheme to inflate the price of Zofran and Kytril for the Medicare and Medicaid programs, the government said. Glaxo admitted no wrongdoing as part of the settlement. "We believe that our price reporting was lawful and was done in good faith, but we've agreed to this settlement to avoid the delay, expense and uncertainty of litigation," said Mary Anne Rhyne, a company spokeswoman.
Eli Lily Settles Most Zyprexa Suits
Eli Lilly is to pay $700 million to settle most lawsuits claiming that the company failed to warn of risks related to Zyprexa, a schizophrenia and bipolar disorder drug. The suits claimed Zyprexa caused diabetes and other disorders. Eli Lily does not admit any wrongdoing in the settlement.
EARNINGS
Goldman Sachs Group said its third-quarter profit climbed 84 percent from the comparable quarter a year earlier, to $1.62 billion, on strong fixed income trading and a surge in fees from the company's merger-and-acquisition business. Revenue grew 81 percent, to $12.33 billion.
Compiled from staff and news service reports.
