A hearing is about to begin in the case against Martin Shkreli, currently serving a seven-year sentence for securities fraud.
This is about the scandal that first earned Shkreli the title "Pharma Bro" -- price jacking the drug Daraprim.
Background: courthousenews.com/shkreli-faces-…
This is about the scandal that first earned Shkreli the title "Pharma Bro" -- price jacking the drug Daraprim.
Background: courthousenews.com/shkreli-faces-…
Today's conference was called to discuss the possibility of a settlement.
An attorney for the FTC says that he is "not optimistic" that he will be able to make progress on settlement discussions.
"We're always open to further discussions," he said.
An attorney for the FTC says that he is "not optimistic" that he will be able to make progress on settlement discussions.
"We're always open to further discussions," he said.
NY State AG's counsel Elinor Hoffmann agrees that a settlement is unlikely at this stage.
The parties recently filed motions to dismiss.
The parties recently filed motions to dismiss.
Attorney Steven Reed, representing Shkreli's company Vyera and its Swiss corporate parent Phoenixus, says that U.S. District Judge Denise Cote ordered settlement discussions.
The parties did not seek the talks.
Magistrate Judge Robert W. Lehrburger is presiding today.
The parties did not seek the talks.
Magistrate Judge Robert W. Lehrburger is presiding today.
Judge Lehrburger says he has two reactions:
It's "very premature" to have a settlement conference "that will yield anything highly productive.
He may want to hold individual separate sessions with each side. There may be "multiple, lengthy sessions."
It's "very premature" to have a settlement conference "that will yield anything highly productive.
He may want to hold individual separate sessions with each side. There may be "multiple, lengthy sessions."
Shkreli's attorney Christopher Casey from the firm Duane Morris LLP informs the magistrate that his client's "physical presence is not possible," because he is incarcerated.
Casey is discussing the possibility of having him join in a telephone conference in the future.
Casey is discussing the possibility of having him join in a telephone conference in the future.
Shkreli is not on the line now.
Judge: For the initial discussions that I envision having, I believe we will be just fine.
He hopes to be able to have in-person meetings in the future.
"We'll just have to see how that goes."
He hopes to be able to have in-person meetings in the future.
"We'll just have to see how that goes."
FTC's attorney Markus Meier notes that congressional appointees would have to sign off on any settlement.
"The commission takes seriously the recommendations that come from me," Meier says, adding that he cannot guarantee the political appointees' approval.
"The commission takes seriously the recommendations that come from me," Meier says, adding that he cannot guarantee the political appointees' approval.
Attorney Elinor Hoffman similarly noted that NYAG Letitia James has to sign off on any deal too.
Judge on the pitfalls on virtual settlement negotiations during the age of Covid-19: "Wouldn't it be wonderful if we could all get into virtual rooms," agree on everything, "and it would all be approved."
"We would be in La La Land," he says.
"We would be in La La Land," he says.
Conference adjourned.
The upshot: No deal yet, and various obstacles on a deal, both pandemic-related and potentially political.
Plus, recently history shows, Shkreli is not known for a reputation of going down quietly.
Story ahead.
The upshot: No deal yet, and various obstacles on a deal, both pandemic-related and potentially political.
Plus, recently history shows, Shkreli is not known for a reputation of going down quietly.
Story ahead.
