Pfizer Faces Shareholder Suit Over $2.3B Settlement

Law360, New York (July 13, 2010, 6:48 PM EDT) -- A union pension fund has filed a breach of fiduciary duty suit accusing Pfizer Inc. executives of causing the pharmaceutical giant to engage in a decade-long illegal marketing campaign that ultimately cost the company $2.3 billion in the form of a settlement with the U.S. Department of Justice.

Pfizer, a named defendant, and its board of directors cost shareholders billions as a result of the company's off-label marketing of at least 13 regulated drugs, according to the Bricklayers Local 8 & Plasterers Local 233 Pension Fund's...
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