Derivative Suit Filed In Wake Of Record Pfizer Payout

Law360, New York (September 11, 2009, 4:03 PM EDT) -- The entire board of directors at Pfizer Inc. and certain executives have been smacked with a shareholder derivative lawsuit alleging they harmed the company by promoting prescription drugs for unapproved, off-label uses.

The suit was filed Sept. 10 in the U.S. District Court for the Southern District of New York, just eight days after Pfizer agreed to pay a record $2.3 billion in civil and criminal fines.

It accuses 17 individual defendants, including CEO Jeffrey B. Kindler and CFO Frank D'Amelio, of breach of fiduciary duties...
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