McGuireWoods’ Ponzi Litigation team launched its Ponzi Perspectives blog in early 2021. Since that time, our focus is to track key cases and decisions that have the potential to influence controlling law on Ponzi-related issues. The blog also offers analysis on practical considerations when defending Ponzi litigation. This 2022 mid-year round up summarizes the new
Healthcare & Life Sciences Private Equity Deal Tracker: BPOC Invests in Praxis Packaging
BPOC has announced a strategic investment in Praxis Packaging Solutions.
Praxis, founded in 1989 and based in Grand Rapids, Mich., is a provider of primary and secondary contract packaging services for over-the-counter and prescription pharmaceutical, medical device, animal health and health and beauty industries.
BPOC, based in Chicago, seeks control and minority equity…
Pharmaceutical Manufacturer Agrees to $900 Million Dollar False Claims Act Settlement to Resolve Kickback Claims
On July 20th, on the eve of trial, Biogen Inc. agreed to pay $900 million dollars to settle claims that the company violated the False Claims Act (FCA) by allegedly paying improper consulting and speaker fees and providing lavish meals and entertainment (in violation of the Federal Anti-Kickback Statute (AKS)) to medical providers to induce them to prescribe its multiple sclerosis drugs Avonex, Tysabri, and Tecfidera. The qui tam (or whistleblower) suit was filed in the District of Massachusetts in 2012 by former Biogen employee Michael Bawduniak and merged with multiple suits with similar allegations. The settlement is extraordinary in size, particularly in light of the United States’ decision declining to intervene in the suit, and highlights the risks associated with pharmaceutical and device manufacturers hiring providers as consultants and conducting speaker programs.
Pharmaceutical Manufacturer Agrees to $900M False Claims Act Settlement to Resolve Kickback Claims
On July 20, Biogen Inc. agreed to pay $900 million to settle claims the company violated the False Claims Act by allegedly paying improper consulting and speaker fees and providing lavish meals and entertainment to medical providers to induce them to prescribe the multiple sclerosis drugs it manufactures.
Read on for details about this unusually…
Bow River Closes Third Private Equity Fund With $590 Million
Bow River Capital Partners has announced it has closed its third private equity fund at $590 million.
The fund was oversubscribed, exceeding its target of $500 million.
The new fund will continue the firm’s strategy of investing in middle market companies located throughout the United States in healthcare services and a few other sectors. Bow…
Healthcare & Life Sciences Private Equity Deal Tracker: Carlyle Acquires Abingworth
Carlyle has acquired Abingworth, according to a news release.
Abingworth, with U.S. offices in Boston and Menlo Park, Calif., is a transatlantic life sciences investment firm. Founded in 1973, the firm reports approximately $2 billion in assets under management. To date, Abingworth has invested in 179 life science companies, with its investments falling…
Healthcare & Life Sciences Private Equity Deal Tracker: Performant Acquires Two Healthcare-Focused Technology Companies
Performant Capital has announced the acquisitions of DavLong Business Solutions and its affiliate Administrative Advantage (collectively DBS) and On Demand Solutions (ODS).
DBS, headquartered in Savannah, Ga., provides IT solutions for physician practices. Founded in 1983, the company also provides revenue cycle management services.
ODS, headquartered in Boise, Idaho, provides business solutions for…
Update on Case Law Developments for BIPA Damages and Insurance Recovery for BIPA Claims
In May 2022, the Illinois Supreme Court heard oral arguments in Cothron v. White Castle System, Inc. — a case that will have a substantial impact on the liability for violating the Illinois Biometric Information Privacy Act (“BIPA”). BIPA is considered to be among the most robust law in the U.S. governing biometric privacy, and Illinois is among the few jurisdictions permitting private suits for the unlawful collection, storage of such data. Since its inception in 2008, BIPA has been the source of a flurry of lawsuits, many of which have resulted in substantial settlements. The court is set to determine how to calculate the number of individual BIPA violations, whether damages accrue each time an employee scans her fingerprint, or whether the first recorded scan is the sole violation. If the Illinois high court determines that damages accrue with each scan and BIPA violations are ongoing, then the potential damages for BIPA lawsuits would increase exponentially and open a flood of new claims. Fortunately, insurance policyholders have had recent success arguing that coverage exists for BIPA violations under Commercial General Liability (“CGL”) policies. A plaintiff-friendly ruling in the Cothron case would make the ability to recover under these policies even more important, and potentially open additional avenues for recovery. In anticipation of this important ruling, this article provides a brief background on BIPA and summarizes the key decisions relating to insurance recovery of BIPA damages.
Healthcare & Life Sciences Private Equity Deal Tracker: WindRose Invests in BPD
WindRose Health Investors has announced it has completed a strategic investment in BPD (Brown Parker & DeMarinis).
BPD, founded in 2002 and based in Boca Raton, Fla., is a marketing services agency representing hospitals and health systems across the United States.
WindRose, based in New York, pursues control equity investments in healthcare companies.…
Healthcare & Life Sciences Private Equity Deal Tracker: Linden Acquires Aspiron From Aquiline
Linden Capital Partners has completed its acquisition of Aspirion from Aquiline Capital Partners, according to a news release.
Aspirion, based in Columbus, Ga., is a full-service revenue cycle management company. Founded in 2006, the company specializes in motor vehicle accident, third-party liability, workers’ compensation, Veterans Administration, out-of-state Medicaid, and Medicaid eligibility and enrollment…