A securities class action lawsuit against Merck & Co. settled for a total of $1 billion, with $830 million to be paid out to investors and the rest to attorney fees. The Merck settlement falls into the top 15 largest settlements, all of which are over $1 billion. This settlement involves Merck’s painkiller drug Vioxx. Vioxx was taken off the market in September of 2004 which resulted in a 27% stock drop one day after the announcement. With this case being over a decade old, it has had its unique challenges for the four law firms who have co-led the case.
The plaintiffs proved that Merck did not disclose information about the cardiovascular side effects of Vioxx. This case became challenging as the plaintiffs had to prove that the company falsely claimed that a study showed Vioxx causing more heart attacks than a painkiller called Naproxen because the drug had a cardiovascular benefit. The plaintiffs then had to bring complex scientific arguments forward backed with statistical evidence that would under lie them to back the case. As a result of this decade long securities suit, a $1 billion settlement was agreed upon and makes a statement that large securities suit settlements have not gone away.
To read more about the Merck & Co. securities class action click here.
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