GlaxoSmithKline settles fraud case for $3 billion

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GlaxoSmithKline Plc has agreed to plead guilty to criminal charges and pay $3 billion to settle the largest case of healthcare fraud in US history, according to court filings and prosecutors.

The settlement includes $1 billion in criminal fines and $2 billion in civil fines in connection with the sale of the drug company's Paxil, Wellbutrin and Avandia products.

Deputy US Attorney General James Cole said on Monday that the settlement "is unprecedented in both size and scope."

As part of the settlement, GlaxoSmithKline agreed to strict oversight of its sales force by the US government to prevent the use of kickbacks or other prohibited practices.

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