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BANKRUPTCY Pan Am gets $30M from Libya, pays off creditors NEW YORK (AP)-Pan Am World Airways has said that it would collect $30 million from the government of Libya and make final payments to creditors by the end of the year, thereby officially ending the company’s bankruptcy. Pan Am had pursued civil and criminal action against the Libyan government following the deadly December 1988 bombing of Pan Am flight 103 over Scotland. The successful criminal prosecution of a Libyan agent in 2004 allowed the civil lawsuit to move forward. Pan Am instead reached a settlement with the Libyan government that provides the airline’s liquidation trust with the funds to be distributed later this year. Pan Am filed for bankruptcy in January 1991 and ceased operations in December of that year. About 15,000 ex-employees of Pan Am are among the creditors who are scheduled to receive distributions. BREACH OF CONTRACT Firm ousted from power project awarded $137M DALLAS-A Texas federal jury has awarded $136.8 million in damages to Canatxx Energy Ventures Inc., which had alleged that its financial adviser in a $1 billion power-generation development project conspired with an affiliate to oust Canatxx from the project. The jury awarded Houston-based Canatxx $136.1 million in actual damages after finding that General Electric Capital Corp. had breached its fiduciary duty to Canatxx, committed constructive fraud, engaged in acts of unfair competition and was part of a conspiracy that damaged Canatxx. Canatxx alleged that in 1996 it had entered into a memorandum of understanding with General Electric Power Systems Inc. (GEPSI) to develop two plants in the United Kingdom that used an older style of gas turbine generator, the F turbine, and Canatxx entered into a financial advisory agreement with GE Capital in 1997. However, GEPSI decided to use one of the sites to test its newer model of gas turbine technology, the H turbine, and conspired with GE Capital to oust Canatxx from the project. -alm CLASS ACTION Sprint settles retirement account claims for $29M OVERLAND PARK, KAN. (AP)-Sprint Nextel Corp. has agreed to pay almost $29 million to settle a class action filed by current and former employees who claim that their retirement accounts were degraded by being tied to the company’s stock. The agreement will cover more than 85,000 employees who had money in the company’s retirement plan since 1998. The plaintiffs claimed that the company’s stock was too risky an investment to be included in their retirement plans because, at the time, the company was laying the groundwork to switch from offering traditional telephone services to one that dealt only with wireless services. PRODUCTS LIABILITY Merck loses La. suit, then its N.J. Vioxx win nixed NEW ORLEANS (AP)-Merck & Co. suffered two setbacks last week over its withdrawn painkiller Vioxx. A federal jury in Louisiana ordered the company to pay $51 million to retired FBI agent Gerald Barnett, who had a heart attack after taking the drug. The jury found that Merck had failed to disclose information about the drug to the man’s doctors. In addition to the $50 million compensatory damages award, jurors added $1 million in punitive damages, finding that Merck had “acted in wanton, malicious, willful or reckless disregard for the plaintiff’s rights.” Also, a New Jersey state judge ordered a new trial for a postal worker who, in November 2005, lost a lawsuit against Merck that blamed his heart attack on Vioxx. According to the man’s lawyer, the judge said that evidence uncovered since the verdict showed that Merck had withheld evidence showing that heart attacks could come with the use of Vioxx for less than 18 months. REGULATORY ACTION GlaxoSmithKline settles drug price inflation claim ALBANY, N.Y. (AP)-GlaxoSmithKline Inc. has agreed to pay more than $41 million in restitution to end claims by more than 40 states that it inflated the prices of drugs used by cancer patients. The settlement with the U.S. Department of Justice, New York Attorney General Eliot Spitzer and others includes more than $1.5 million in restitution to New York state’s Medicaid program for cancer drugs and $940,000 in connection with pricing of an antibiotic, Spitzer said. Spitzer had accused the company of inflating wholesale prices of drugs in the class “anti-emetics,” which help patients overcome the nausea and other effects of chemotherapy to fight cancer. TORTS State pays tribe $17M over spoiled burial site PORT ANGELES, WASH. (AP)-Washington state will pay more than $17 million to tribal and local officials to settle lingering disputes over the state’s accidental disturbance of an ancient American Indian village and burial ground. The settlement ends litigation surrounding the state’s abandoned Hood Canal bridge project and gives the Lower Elwha Klallam tribe control over most of the site.

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