Merck & Co. has agreed to pay $12.15 million in plaintiffs' legal fees to settle two shareholder derivative suits over its painkiller Vioxx -- one in state court in New Jersey and the other in the 3rd U.S. Circuit Court of Appeals. As part of the settlement, Merck agreed to create two committees to address product safety and to appoint a chief medical officer. The settlement does not apply to a separate damages suit filed against Merck by shareholders, which is pending before the U.S. Supreme Court.
February 16, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Merck & Co. has agreed to pay $12.15 million in plaintiffs’ legal fees to settle two shareholder derivative suits over its painkiller Vioxx — one in state court in New Jersey and the other in the 3rd U.S. Circuit Court of Appeals.
The suits charged the Whitehouse Station, N.J., manufacturer’s current and former directors and officers with breaches of their fiduciary duty in connection with the promotion of Vioxx despite evidence that it caused heart problems.
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