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Amgen settles shareholder lawsuit claiming it hid $10.7 billion tax bill - Business Insurance Skip to content Register for free Search Search Log In Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Amgen settles shareholder lawsuit claiming it hid $10.7 billion tax bill D&O , Risk Management Jul 21, 2026 (Reuters) – Amgen reached a $74 million settlement of a lawsuit accusing the biotechnology company of waiting too long to disclose that it might owe the Internal Revenue Service $10.7 billion for underreporting six years of taxes. A preliminary settlement of the proposed class action was filed late Monday in Manhattan federal court and requires a judge’s approval. Amgen denied wrongdoing, and on Tuesday said it still believed the claims lacked merit. The IRS accused Amgen of underpaying taxes between 2010 and 2015, mainly for improperly shifting profits to a Puerto Rico unit that made many of its drugs. Puerto Rico is considered a foreign country for corporate tax purposes, despite being a U.S. territory. The IRS sought $8.7 billion in back taxes plus interest, as well as $2 billion of penalties, stemming from Amgen’s so-called transfer pricing practices. Amgen has said that a decision from the U.S. Tax Court could come this year. Shareholders led by the Asbestos Workers Philadelphia Pension Fund said Amgen’s share price fell 6.5% on August 4, 2021, and 4.3% on April 28, 2022, because the Thousand Oaks, California-based company waited until then to disclose its tax risks. The settlement covers Amgen shareholders between July 29, 2020, and April 27, 2022. A federal judge rejected Amgen’s bid to dismiss the case in September 2024. Amgen’s top-selling products include the osteoporosis treatment Prolia and the drug Repatha for cardiovascular events and hyperlipidemia. Related News City dodges a $2.2M premium oops July 21, 2026 Private prison operator ordered to cover spinal cord stimulator, psych eval July 21, 2026 Logistics company must cover worker’s lumbar fusion July 21, 2026 Broker M&A drops to lowest first-half level since 2016 July 21, 2026 Marsh invests in producers, AI as Q2 revenue rises July 21, 2026 Gallagher unit acquires Pennsylvania-based agency July 21, 2026 Houthis impose maritime embargo, block Red Sea gateway July 21, 2026 AliExpress hit with record $629M EU fine July 21, 2026 Government to take over $255M Wang Fuk Court fire claim July 21, 2026 Facebook-f X-twitter Linkedin-in Business Insurance is a singular, authoritative news and information source for executives focused upon risk management, risk transfer and risk financing. Never miss important news: Become a Business Insurance Online subscriber today Subscribe Now Information About Us Contact Advertise Privacy Policy Terms & Conditions Copyright 2026. BUSINESS INSURANCE HOLDINGS Member, Beacon International Group, Ltd.
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