Joel gemunder sues omnicare statement

You've probably never heard of Omnicare (OCR), so you're probably not interested in knowing that the company just paid $21 million to Michigan and Massachussetts to settle allegations that it overcharged Medicaid.

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But you should be: Omnicare is a massive provider of pharmacy services to old people's homes and senior care facilities, and this settlement is merely the tip of the iceberg.

If there were any justice, Omnicare CEO Joel Gemunder would be squirming under the bright lights of 60 Minutes' cameras, trying to explain the company's various drug price schemes.

On his watch, Omnicare has paid out $168.5 million in legal settlements for various kickback schemes it was involved with. Among them:

• A settlement with the federal government for $98 million. On that case, Omnicare was accused of paying $50 million to acquire a business worth no more than $5 million because the $50 million was essentially a kickback to steer pharmacy contracts to Omnicare.
• Omnicare paid $49.5 mil