Word: settlements
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Dates: during 1960-1969
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...participants: the U.S., Russia, Britain, France, Israel, Egypt and Jordan, plus the U.N.'s Jarring. Yet the diplomats already face a stiff penalty for delay in the fast-rising political power of the one interest group that will not be represented, the Palestinian fedayeen commandos. In any settlement, the Israelis will insist that Arab governments curb fedayeen within their own borders, something that they are increasingly unable to do. Moreover, Egypt's Gamal Abdel Nasser and Jordan's King Hussein will have to negotiate with the fedayeen in effect looking over their shoulders, adamantly opposed...
Last week, in a highly emotional television and radio address, General Velasco virtually foreclosed any possibility of a negotiated settlement. In an obvious bid to win the support of other nationalist army officers and businessmen, Velasco asserted that I.P.C. owes Peru $690.5 million for all the oil that it has pumped from Peruvian soil. To recover at least a part of that sum, representing I.P.C.'s entire gross sales for the past 44 years, Velasco plans to auction off the company's properties within the next 40 days...
Five leading drugmakers swallowed a bitter pill last week. In a surprise move, they offered to pay $120 million to settle treble-damage claims against them for allegedly rigging the price of a widely used antibiotic, tetracycline. While proposing the settlement, the five companies-American Cyanamid, Chas. Pfizer, Bristol-Myers, Upjohn and Squibb Beech-Nut-asserted that they "have not violated the antitrust laws...
...Sales amounted to well over $100 million annually. The Justice Department charged that the capsules cost an average 1.60 to produce, but sold for as much as 510. Whatever the merits of the damage claims, the companies wanted to avoid long and costly court fights, and so proposed the settlement...
...main beneficiaries would be state and municipal hospitals and welfare agencies, which could collect about $60 million. Another $20 million would go to competing antibiotic makers, private hospitals and other claimants. For the first time in an antitrust settlement, individual customers could also collect-if they can prove their purchases between 1953 and 1966 by presenting prescriptions and sales slips to state agencies. Most likely, few would be able to do so, and the agencies would thus keep most of the funds. Drug executives warned, however, that unless practically all of the 81 claimants accept their share...