Abbott, Shareholders Agree To Settle Depakote Marketing Suit

Law360, New York (March 7, 2014, 8:11 PM EST) -- Abbott Laboratories shareholders asked an Illinois federal judge on Thursday to bless a settlement resolving a derivative suit that alleged Abbott's directors cost the company $1.6 billion because they did nothing to stop the marketing of its anti-seizure drug Depakote for off-label uses.

The settlement — reached between the lead shareholder plaintiff, Abbott and its board — would dismiss the derivative suit with prejudice in exchange for the company agreeing to beef up its corporate oversight procedures, according to documents filed with the U.S. District Court...
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