Pfizer Faces ERISA Stock-Drop Suit By Puerto Rico Workers

Law360, New York (January 26, 2012, 7:12 PM EST) -- Pfizer Inc. on Wednesday was sued in Puerto Rico by a putative class of employees who say the drugmaker channeled their retirement investments into company stock while hiding the inevitable losses that would occur when the harmful effects of their arthritis drugs came to light.

By directing its Puerto Rican employees' retirement plans to make recklessly concentrated investments in Pfizer stock, the pharmaceutical giant set its workers up for huge losses once the cardiovascular risks associated with Celebrex and Bextra were revealed, according to the Employee...
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