By Max Stendahl (January 27, 2015, 3:20 PM EST) -- Pfizer Inc. has reached a $400 million settlement to avoid an upcoming trial in a class action claiming the company misled investors about an alleged off-label drug marketing scheme, the pharmaceutical giant said Tuesday in a regulatory filing.
The deal, which still must be approved by a New York federal judge, comes shortly before a jury trial was set to begin Feb. 10. Trials in securities class actions are extremely rare, because most cases either settled or dismissed.
The case stemmed from a wide-ranging government investigation into Pfizer's off-label marketing practices and alleged payment of kickbacks to physicians. The company pled...
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