J&J Fined for Illegal Price Controls in Suit with China Distributor
publication date: Aug 1, 2013
Johnson & Johnson was ordered to pay a fine in China for monopolistic practices, in a suit stemming from a 2008 incident. Two of J&J’s subsidiaries were found guilty of enforcing price controls on a distributor. When the distributor won a public tender to sell J&J sutures – at a price below J&J’s stated minimum – J&J refused to supply product to the distributor. An appeals court awarded the distributor, Rainbow Medical, 530,000 RMB ($86,472). Rainbow had asked for a much larger 14 million RMB ($2.3 million). More details....
Stock Symbol: (NYSE: JNJ)
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