Merck Settles Some of Its Shareholder Lawsuits Concering Vioxx

Merck & Co. has agreed to pay $12.15 million in order to settle some shareholder lawsuits concerning its drug Vioxx. The settlement would resolve derivative claims that alleged current and former Merck officials mishandled the drug Vioxx. Merck removed Vioxx from the market in 2004 after a study revealed that Vioxx doubled the risk of heart attack and stroke.
According to the Wall St. Journal, “Since the Vioxx controversy erupted, about 27,000 personal-injury lawsuits have been filed, the company says. Merck has been challenging all of the cases and settled many of them. Most notably, it agreed to a pay $4.85 billion to settle personal-injury claims of more than 40,000 people. In another settlement, the company will pay $80 million to resolve 190 claims filed by drug-benefit plans seeking to recover costs of paying for Vioxx use.”