Merck Settles Some Vioxx Suits

Merck Settles Some Vioxx Suits - WSJ.com: "Merck & Co. agreed to pay up to $12.15 million in legal fees and bolster its monitoring of drug safety to settle shareholder lawsuits stemming from the withdrawal of former pain drug Vioxx from the market.

The pact, which is pending final court approval, would resolve state and federal shareholder 'derivative' complaints (which are brought by shareholders on behalf of a company) alleging that current and former Merck officers and directors breached their fiduciary duties in handling Vioxx. To help improve safety efforts, the company had already fulfilled one of the terms of the settlement by installing Chief Medical Officer Michael Rosenblatt in December." [WSJ]