Record $688M Merck Settlement May Not Be Contagious
Law360, New York (February 14, 2013, 8:17 PM EST) -- Despite the eye-popping size of Merck & Co.’s record $688 million stock-drop settlement Thursday, experts say the deal might not prove to be a tipping point in securities fraud cases that target deep-pocketed pharmaceutical firms.
The deal resolves two class actions alleging Merck and subsidiary Schering-Plough hid test results for their anti-cholesterol drug Vytorin from investors. If approved by a New Jersey federal judge, it would become the largest securities fraud settlement in history by a pharmaceutical company, and one of the top-25 largest deals across all industries. Previously, the largest stock settlement by a drug company was a $300 million...
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