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....
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