Pfizer Execs Seek Dismissal Of Derivative Suit

Law360, New York (December 17, 2009, 6:33 PM EST) -- On the heels of Pfizer Inc. agreeing to pay the U.S. government $2.3 billion to settle allegations of off-label drug promotion, top brass at the company are seeking to dismiss related shareholder derivative litigation.

The motion to dismiss, filed Wednesday in the U.S. District Court for the Southern District of New York, argues that lead plaintiff Amalgamated Bank is asking the court to "presume that the individual defendants knew about Pfizer’s alleged wrongful promotional practices" based on the settlements.

The lawsuit was filed Sept. 10, just...
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