Economy Briefs: McKesson to pay $151M to settle drug-pricing suit

SAN FRANCISCO — Twenty-nine states have reached a $151 million settlement in a lawsuit alleging one of the country’s largest drug wholesalers inflated prices for hundreds of prescription drugs, officials said Friday.

The agreement with San Francisco-based McKesson Corp. settles allegations that the company deliberately inflated drug prices by as much as 25 percent, causing the states’ Medicaid programs to overpay millions of dollars in reimbursements.

An investigation by state and federal agencies found that McKesson inflated the prices of more than 1,400 brand-name drugs, including these commonly prescribed medications such as Adderall, Allegra, Ambien, Celexa, Lipitor, Neurontin, Prevacid, Prozac and Ritalin, officials said.

Smartphone battle set for court

SAN FRANCISCO — Two tech titans are squaring off in federal court Monday in a closely watched trial over control of the U.S. smartphone and computer tablet markets.

Apple Inc. filed a lawsuit against Samsung Electronics Co. last year alleging the world’s largest technology company’s smartphones and computer tablets are illegal knockoffs of its popular iPhone and iPad products. The Cupertino-based company is demanding $2.5 billion in damages, which if awarded would dwarf the largest patent-related verdict to date.

Samsung counters that Apple is doing the stealing and some of the technology at issue — such as the rounded rectangular designs of smartphones and tablets — have been industry standards for years.

The U.S. trial is only the latest skirmish between the two over product designs.

RHODE ISLAND

224-year-old general store closes doors

LITTLE COMPTON — Gray’s Store in Rhode Island brought in customers for years with its old-fashioned marble soda fountain, cigar and tobacco cases, and Rhode Island johnny cakes.

The 224-year-old business in Little Compton possibly was the oldest operating general store in America, although others have staked similar claims. The store near the Massachusetts line opened in 1788 closed Sunday.

Owner Jonah Waite inherited the shop after his father died last month. He said it was a hard decision to close the store and leave behind all the history, but the shop’s finances aren’t sustainable and a supermarket down the street has siphoned away business.

In 2007, Rhode Island leaders proclaimed Gray’s the oldest continuously run general store in the country.

SOUTH KOREA

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