GSK Ponied Up $2.4B In Legal Charges In 2nd Quarter

Law360, New York (July 15, 2010, 1:25 PM EDT) -- GlaxoSmithKline PLC has disclosed a whopping £1.57 billion ($2.36 billion) legal charge tied to product liability and antitrust settlements over its troubled drugs Paxil and Avandia, revealing for the first time a £500 million settlement over allegations that the company had produced defective Paxil in a now-closed Puerto Rico factory.

The British drugmaker disclosed the second-quarter charge — more than double its total legal charges for all of 2009 — in a filing with the U.S. Securities and Exchange Commission on Thursday.

"The charge we have...
To view the full article, register now.