Abbott Laboratories shares rose Monday, ending a six-day losing streak. The company reached a $385 million settlement with the U.S. Department of Justice.
The agreement resolves civil claims regarding the 2022 recall of powdered infant formula from its Sturgis, Michigan, facility. This settlement addresses contamination investigations that triggered a nationwide formula shortage in 2022.
The payment covers claims from the federal government, several state Attorneys General, and whistleblowers. Abbott stated the deal includes no admission of fault or liability. The DOJ also closed its criminal investigation into the matter.