Martin Shkreli Settles $30 Million Claim Against Retrophin Executives

(Bloomberg) -- Martin Shkreli settled a lawsuit that he filed against the former chief executive officer of Retrophin Inc. and two other executives, in which he claimed they “unceremoniously and illegally” ousted him from the company in 2014 for their own benefit.

The resolution of the suit was announced Thursday in a statement from Retrophin. Terms of the settlement weren’t disclosed.

“Retrophin and Martin Shkreli have reached a settlement resolving all outstanding disputes between them,” the company said. “We are pleased with this outcome and remain focused on delivering life-changing therapies to people living with rare diseases. Additional information about the settlement will be provided in Retrophin’s forthcoming quarterly filing.”

Shkreli, 36, was sentenced to seven years in prison last year for stealing $11 million to repay investors after losing money on risky trades. He sued Stephen Aselage, Retrophin’s former CEO and currently a director, and two other executives in Manhattan federal court in May. He sought at least $30 million in damages.

Shkreli is serving his sentence at a low-security prison in Allenwood, Pennsylvania. He’s scheduled to be released in October 2023, according to the Federal Bureau of Prisons.

The case is Shkreli v. Aselage, 19-cv-05120, U.S. District Court, Southern District of New York (Manhattan).

To contact the reporter on this story: Bob Van Voris in federal court in Manhattan at rvanvoris@bloomberg.net

To contact the editors responsible for this story: David Glovin at dglovin@bloomberg.net, Joe Schneider

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