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Omnicare Hires Haynes Boone, Files for Bankruptcy in NDTX

Facing a $949 million federal court judgment for improperly billing charges to Medicaid, Medicare and Tricare, Rhode Island-headquartered pharmacy services company Omnicare Inc. filed for Chapter 11 bankruptcy protection Monday in the Northern District of Texas.

Omnicare, which is a subsidiary of CVS Health Corp., and 98 of its affiliated businesses cited more than $1 billion in liabilities owed to scores of creditors, but only $100 million to $500 million in assets.

Mark Curriden

Mark Curriden is a lawyer/journalist and founder of The Texas Lawbook. In addition, he is a contributing legal correspondent for The Dallas Morning News.

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