BUZZ-Lilly falls after US Supreme Court turns away challenge to whistleblower law

Eli Lilly and Company

Eli Lilly and Company

LLY

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** Shares of drugmaker Eli Lilly LLY.N fall 2.3% to $981.91

** The U.S. Supreme Court declines on Monday to hear a challenge by Lilly to a Civil War-era whistleblower law that allows private individuals to bring fraud lawsuits on behalf of the federal government

** The justices turned away Lilly's appeal of a lower court's ruling that upheld a $183 million ​judgment arising from a whistleblower lawsuit against the drugmaker for defrauding Medicaid

** Lilly had argued that handing government power to private citizens in this manner violates the U.S. Constitution

** Including session's move, stock down 8.3% YTD