Circuit Court Tosses $42.5M Medco Settlement

Law360, New York (October 9, 2007, 12:00 AM EDT) -- A federal appeals court has tossed the $42.5 million settlement between employee welfare benefit plans and Merck-Medco Managed Care LLC, as well as decertified the class, which accused the pharmaceutical benefits manager of breaching its fiduciary duty under the Earned Retirement Income Security Act.

A three-judge panel of the U.S. Court of Appeals for the Second Circuit on Oct. 4 vacated a district court order certifying the class.

Additionally, the circuit court overturned the settlement agreement due to concerns over its allocation of the proceeds....
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.