Investors Sue Abbott Over $1.5B Depakote Settlement Tab

Law360, New York (November 30, 2011, 6:06 PM EST) -- Two Abbott Laboratories Inc. shareholders sued the company's board in Illinois federal court Tuesday, claiming executives negligently allowed Abbott to promote improper off-label uses for its anti-seizure medication Depakote, forcing the company to set aside $1.5 billion to settle product liability claims.

The derivative action names CEO Miles D. White and nine other members of Abbott's board of directors as defendants, saying they “permitted the existence of a corporate culture that encouraged and rewarded financially unlawful and irresponsible activity resulting in the likely loss of $1.3...
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Case Information

Case Title

Pinchuck et al v. White et al


Case Number

1:11-cv-08499

Court

Illinois Northern

Nature of Suit

160(Contract: Stockholders Suits)

Judge

Honorable Virginia M. Kendall

Date Filed

November 28, 2011

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