Democrats report on Novartis, Cohen inquiry

While Novartis AG (NYSE:NVS; SIX:NOVN) has admitted to bidding Michael Cohen for access to the Trump administration, the parties' relationship may have been more extensive than the pharma disclosed to the public, according to an investigational report from four Senate Democrats published July 12. The lawmakers also said Novartis may have misled the public with its assertion that it continued to pay Cohen, a lawyer employed by President Donald Trump, even after discovering he could not provide the promised consulting services because the contract could only be terminated for cause.

Novartis acknowledged in a May 2018 statement that it had retained a consultancy owned by Cohen in February 2017 to provide advice about the Trump administration’s healthcare policies. The pharma said it had determined at its first and only meeting with Cohen that he was unable to provide relevant advice, but was contractually obligated to make monthly payments for a year (see "Novartis Acknowledges Cohen Payments")...