Wyeth Ends Employees' ERISA Action With $2M Deal

Law360, New York (January 3, 2013, 5:08 PM EST) -- Wyeth Inc. has agreed to pay $2 million to resolve class action claims alleging the pharmaceutical company breached its fiduciary duty by directing employees to invest in stock that Wyeth should have known was improperly inflated, according to court documents filed Thursday in New York.

U.S. District Judge Richard J. Sullivan, who signed off on the deal, certified a nonopt-out class consisting of all persons who participated in the retirement plan and held Wyeth stock any time between Jan. 31, 2006, through Sept. 29, 2008. The...
To view the full article, register now.