Pfizer Proposes $75M Fund To Settle Shareholder Suits

Law360, New York (December 6, 2010, 8:50 PM EST) -- Pfizer Inc. has offered a $75 million legal fee fund, along with promises to beef up its compliance program, aiming to end shareholder derivative suits against the top brass at the pharmaceutical giant after Pfizer's illegal marketing campaign cost the company $2.3 billion in claims.

Pfizer's proposal for settling the derivative suits, filed in the U.S. District Court for the Southern District of New York on Thursday, is to set up a $75 million fund, paid by the defendants' insurers, to cover the plaintiffs' legal fees...
To view the full article, register now.