Barry Sherman, Canadian-born businessman and founder of the Toronto-based pharmaceutical giant Apotex, was found dead, dead in his house on 4 December. He was 73.
On Monday, an international jury heard evidence that he was likely killed as a result of international threats that he was making against two prominent competitors of his Canadian-based firm.
Barry and Honey Sherman’s Revera Inc., a global medical imaging company, would pay Mr. Sherman $100 million to settle a price-fixing case in the United States, the US Department of Justice says.
Barry Sherman is in the top echelon of the Laval, Quebec-based legal industry, and was currently head of a private firm, Apotex Inc. He was born in Montreal, Canada, in 1946, and immigrated to Canada with his mother and four siblings.
(Both Apotex Inc. and Revera Inc. are co-operating in this investigation, despite a recorded meeting in which Mr. Sherman and one of the company officials threatened Revera Inc. executives with criminal prosecution if they did not agree to an agreement, the DOJ said)
Mr. Sherman had been actively promoting bio-medical technology in Canada. He helped set up the company that began his career in 1963, Apotex, which now has more than 5,000 employees worldwide.
In November 2012, Mr. Sherman “with great malicious intent” communicated with one of Revera Inc.’s executive officers to induce him and his other employees to agree to fix prices of medical imaging equipment, with the participation of six other executives from the company, the Department of Justice says.
In turn, the executives of Apotex Inc. colluded to fix prices of certain medical imaging equipment used in the North American market, the DOJ said.
Although Apotex agreed to the settlement, and that of the other three companies, the DOJ said it was investigating Apotex Inc.’s involvement in price-fixing.
Besides Apotex Inc., the trial said other defendants were unknown. The companies are alleged to have colluded to depress the prices of certain medical imaging equipment products.