CVS subsidiary files for bankruptcy

(By: Alexandra Murphy for Becker’s Hospital Review)

CVS Health subsidiary Omnicare has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Northern District of Texas.

The filing comes after a recent ruling in a civil case in the U.S. District Court for the Southern District of New York and broader financial difficulties, according to an Sept. 22 news release from CVS Health. In July, a federal judge ordered the company to pay $948.8 million in damages and penalties in a case claiming the company submitted fraudulent claims to Medicare and Medicaid. Continue reading here…

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