Merck (MRK)

Reuters reported that Merck has agreed to make corporate governance changes and create internal committees to address potential safety issues with its products under a proposed settlement of shareholders lawsuits related to its withdrawn Vioxx painkiller. Merck also agreed to amend its code of conduct and pay as much as $12.2 million in legal fees as part of the settlement, which resolves all derivative litigation against Merck over Vioxx. Many terms of the settlement, such as filling the position of chief medical officer and registering clinical trials with the government, have already been accomplished or are in the process of being completed, a Merck spokesman said.
The Superior Court of New Jersey approved the derivative lawsuit settlement on a preliminary basis on February 8, 2010. A hearing to determine whether the settlement should win final approval has been scheduled for March 22, in New Jersey Superior Court in Atlantic City.

Feb 11 · 1:02:00 PM · Source: Reuters.com
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by Rich Pike