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US-listed companies TIGR.O and FUTU.O fell sharply in pre-market trading, with TIGR.O dropping more than 10% and FUTU.O falling more than 5%.On May 22, the China Securities Regulatory Commission (CSRC) and eight other departments jointly issued the "Implementation Plan for Comprehensive Rectification of Illegal Cross-border Securities, Futures, and Fund Operations." The plan outlines a two-year concentrated rectification period to clean up existing illegal businesses. During this period, overseas institutions are prohibited from illegally providing services such as buying and selling, and transferring funds into China for existing investors; only one-way selling and fund transfers are permitted. After the concentrated rectification period, overseas institutions will completely shut down their websites, trading software, and related services in China, and will be prohibited from illegally providing trading services to existing investors within China.The China Securities Regulatory Commission and eight other departments announced that, after two years of concentrated efforts, measures to eliminate illegal cross-border business activities include prohibiting overseas institutions from conducting marketing and solicitation activities related to securities, futures, and fund businesses in China, as well as providing related account opening, transaction order processing, fund transfer, and other trading services. Domestic entities are also prohibited from assisting overseas institutions in illegally conducting marketing and trading services, and from providing them with website and trading software development and operation, customer service, etc.On May 22, the China Securities Regulatory Commission (CSRC) and eight other departments jointly issued the "Implementation Plan for Comprehensive Rectification of Illegal Cross-border Securities, Futures, and Fund Management Activities." The overall requirement of the plan is to completely eliminate illegal cross-border operations by overseas securities, futures, and fund management institutions after two years of concentrated rectification, achieving the rectification goal of "resolutely eliminating illegal activities and steadily clearing existing ones." The targets of the rectification include overseas institutions illegally operating securities, futures, and fund businesses across borders; domestic affiliates or partners assisting overseas institutions in illegal cross-border operations; illegal intermediaries soliciting domestic investors; and internet platforms and online self-media that illegally publish information. Illegal cross-border operations by overseas institutions will be banned according to law, and violations of laws and regulations concerning foreign exchange management, anti-money laundering, cybersecurity and information management, and personal information protection by relevant entities will also be included in the rectification scope.Ukrainian President Zelensky: Ukraine attacked an oil refinery in Yaroslavl, Russia.

Biogen finalizes $900 million drug kickback settlement

Norah Atkinson

Sep 27, 2022 14:30

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The U.S. Department of Justice announced on Monday that Biogen Inc. has struck a $900 million deal to resolve a whistleblower case that accused the biotech company of paying kickbacks to doctors who prescribed multiple sclerosis drugs.


The settlement closes a lengthy whistleblower action filed in Boston federal court by a former government employee. Biogen (NASDAQ:BIIB) disclosed in July that a potential settlement had been reached, pending government clearance.


According to his attorney, Thomas Greene, former employee Michael Bawduniak will receive $266,4 million for pursuing the action. Greene noted that this sum surpasses all previous records for whistleblower payouts in the United States.


Cambridge is located in Massachusetts As part of the agreement, Biogen did not acknowledge guilt. Biogen indicated in a statement that the corporation "believes that its goals and conduct have always been legitimate and appropriate."


From 2009 to 2014, Biogen was suspected of paying doctors millions of dollars in kickbacks to prescribe Avonex, Tysabri, and Tecfidera for multiple sclerosis. According to the lawsuit, the payments included "false" consulting deals and speaker programs, as well as lavish dinners and entertainment.


Allegedly, the scam resulted in the filing of false claims for payment to the federal healthcare programs Medicare and Medicaid.


Bawduniak filed the lawsuit in 2012 under the False Claims Act, which empowers whistleblowers to sue companies on behalf of the government to recover fraudulently obtained taxpayer monies.


The Justice Department may intervene in such situations and alleviate them itself following an investigation; however, it declined to do so in Bawduniak's case in 2015, allowing him to pursue the matter on his own.


His attorney, Greene, has described the settlement as the greatest recovery in over 150 years of False Claims Act cases won by a whistleblower without government intervention.

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