Pfizer, Investors Lose Sanctions Bids In Arthritis Drugs Case

Law360, New York (January 8, 2013, 7:52 PM EST) -- A New York magistrate judge on Tuesday rejected motions for sanctions by both Pfizer Inc. and shareholders in a securities class action over investor losses due to side effects of arthritis painkillers Celebrex and Bextra, saying neither side had proved evidence was destroyed.

Both lead plaintiff and shareholder Teachers' Retirement System of Louisiana and defendant Pfizer had moved for sanctions, each alleging the opposing side had hidden, destroyed, failed to produce, or otherwise misrepresented documents, emails and other material. The longstanding litigation accuses Pfizer of having...
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