Supreme Court rejects appeal from ‘Pharma Bro’ Martin Shkreli
The Supreme Court on Monday rejected an appeal from Martin Shkreli, who was once dubbed “Pharma Bro” after jacking up the price of a lifesaving drug
By LINDSAY WHITEHURST
Published - Oct 07, 2024, 03:30 PM ET
Last Updated - Dec 16, 2024, 06:34 PM EST
WASHINGTON (AP) — The Supreme Court on Monday rejected an appeal from Martin Shkreli, who was once dubbed “Pharma Bro” after jacking up the price of a lifesaving drug.
Shkreli appealed an order to return $64.6 million in profits he and his former company reaped after monopolizing the market for the medication and drastically increasing its price. His lawyers argued that the money went to his company rather than him personally.
The justices did not explain their reasoning, as is typical, and there were no noted dissents.
Prosecutors, though, said the company had agreed in a settlement to pay $40 million, and because Shkreli masterminded the scheme he should bear responsibility for repaying profits.
