Summary
The U.S. Supreme Court has declined to hear Martin Shkreli’s appeal regarding a $64.6 million financial penalty related to his controversial price hike of the lifesaving drug Daraprim. This decision upholds a lower court’s ruling that found Shkreli’s actions in monopolizing the drug market were “particularly heartless and coercive.”
Shkreli, the former CEO of Turing Pharmaceuticals, gained notoriety in 2015 when he raised the price of Daraprim from $17.50 to $750 per pill, prompting widespread public outrage. The penalty, imposed by U.S. District Judge Denise Cote, was part of a civil antitrust case brought by the Federal Trade Commission and several states. While Shkreli’s legal team argued that he should not be liable for profits he did not personally receive, the courts maintained that he orchestrated the scheme and should bear the financial consequences. Following this ruling, Shkreli, who has been released from prison, continues to face legal challenges, including a lawsuit regarding an unreleased Wu-Tang Clan album that was seized by the government during his criminal case.
Background on Shkreli’s Actions
- Price Increase: Shkreli’s decision to raise Daraprim’s price by more than 4,000% drew significant media attention and public outcry.
- Legal Proceedings: The penalty imposed by Judge Cote was a result of a civil antitrust case, highlighting the legal repercussions of Shkreli’s pricing strategy.
Current Status
- Supreme Court Decision: The Supreme Court’s refusal to hear the appeal means that the lower court’s ruling stands, maintaining the financial penalty against Shkreli.
- Future Legal Options: Shkreli’s lawyer indicated that there may be future opportunities to challenge the ruling if legal precedents change.
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