Woburn, Mass. PolyMedica, parent company of diabetes supply giant Liberty Medical Supply, has finalized a $35-million settlement to end a government probe

Woburn, Mass.

PolyMedica, parent company of diabetes supply giant Liberty
Medical Supply, has finalized a $35-million settlement to end a
government probe into its Medicare practices, according to a Nov. 3
statement. As part of the settlement, the company admits no
wrongdoing, and it is expected that the government will not bring
criminal charges.

“It is important for the company and for our investors to
put this matter behind us, so that we can focus all of our energies
on serving our patients and continuing to grow and develop our
business,” said PolyMedica CEO Patrick Ryan.

For the last several years, the government had been
investigating the company. In August 2001, FBI agents raided
Liberty offices and seized thousands of documents; agents also
raided offices of Liberty Home Pharmacy, PolyMedica's subsidiary
specializing in respiratory medications and supplies, the
Associated Press reported.