Ranbaxy to pay $40 mn to settle Texas Medicaid litigation

To pay $39.75 million to end suit over participation in Texas Medicaid

Ranbaxy Laboratories has agreed to settle a litigation about its participation in Texas Medicaid, a US health care plan focused on people with low income. Under the settlement agreement, Ranbaxy will make payments to the state of Texas totalling $39.75 million in a series of tranches through August 2015, the company said in a notification to the BSE on Thursday. Following the announcement, the company’s scrip moved up one per cent on the BSE. However, it settled at Rs 589.58 a share, down 1.37 per cent from the previous close. The litigation is related to how Ranbaxy has ...