Abbott, Shareholders Agree To Settle Depakote Marketing Suit

By Jamie Santo (March 7, 2014, 8:11 PM EST) -- Abbott Laboratories shareholders asked an Illinois federal judge on Thursday to bless a settlement resolving a derivative suit that alleged Abbott's directors cost the company $1.6 billion because they did nothing to stop the marketing of its anti-seizure drug Depakote for off-label uses.

The settlement — reached between the lead shareholder plaintiff, Abbott and its board — would dismiss the derivative suit with prejudice in exchange for the company agreeing to beef up its corporate oversight procedures, according to documents filed with the U.S. District Court for the Northern District of Illinois.

Lead plaintiff Jacksonville Police & Fire Pension Fund seeks...

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