Pfizer Dodges Suit Over Retirement Fund Stock Plummet

Law360, New York (April 1, 2013, 6:54 PM EDT) -- Pfizer Inc. does not owe damages to employees whose company-managed retirement funds lost value when news emerged of possible dangerous side effects in drugs Bextra and Celebrex, a federal judge ruled Friday, dismissing a putative class action against the pharmaceutical giant.

Case law provides a broad protection to companies that buy their own stock with retirement fund money, U.S. District Judge Laura Taylor Swain said in a written opinion, dismissing a case brought by workers who participated in Pfizer retirement funds after their shares plummeted in...
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