MSP Recovery announces new $3.1M pharmaceutical antitrust settlement

MSP Recovery (LIFW) announced a new pharmaceutical antitrust settlement in the amount of $3.1M. MSP Recovery Law Firm, acting on behalf of LifeWallet, alleged that the manufacturer had increased the price of a drug in violation of antitrust laws. The settlement is in the amount of $3.1M, which is expected to be collected in the third quarter of 2024. As part of LifeWallet’s owned claims portfolio, the company has claims against pharmaceutical and medical device manufacturers based on allegations of defective products or anti-competitive pricing. LifeWallet has ongoing claims against multiple manufacturers. LifeWallet is also currently in negotiations with multiple other property and casualty insurers to resolve claims as well as negotiating with other product manufacturers on both pharmaceutical products as well as medical device cases. LifeWallet notes these settlements are not a guarantee that LifeWallet’s portfolio of assigned claims can be settled with the same or similar terms. LifeWallet has implemented a drive to secure agreements with health plans, property and casualty insurers, attorneys, and healthcare providers, including hospital systems. This subscription licensing is expected to generate revenue through fees charged on savings from unnecessary Medicare secondary payments. This is all part of LifeWallet’s clearinghouse system, through its exclusive healthcare partnership with Palantir Technologies (PLTR), enhancing LifeWallet’s Chase to Pay model. The clearinghouse solution utilizes the Palantir Foundry platform, AI tools, natural language processing, and machine learning, resulting in the development of a sophisticated data analytics system that captures and manages healthcare data. The LifeWallet/Palantir clearinghouse builds upon previously announced initiatives providing real-time data driven solutions that focus on data from patients, attorneys, healthcare providers, and healthcare insurers, as well as property and casualty insurers, all designed to build a repository of data that can be used to determine medical conditions as well as payer obligations.