Florida will sue pharmaceutical company over pension losses

Markets Associated Press

Florida's state-run pension plan is going to sue a pharmaceutical company over millions in losses that top officials contend were due to fraud.

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Gov. Rick Scott and the two other members of the state board that oversees the Florida Retirement System voted Tuesday to proceed with a lawsuit against Valeant Pharmaceuticals International.

Florida's lawsuit will be independent of any class action shareholder lawsuits against the drug maker.

The state lost $62 million on shares of Valeant that were purchased between January 2013 and August 2016. A legal analysis alleges that Valeant officials embarked on a scheme to inflate drug prices and artificially boost sales.

Valeant's practices were put under a microscope by multiple congressional committees probing soaring prescription drug prices.

The Florida Retirement System is worth more than $150 billion.