Merck reaches agreement in class action lawsuit

Merck announced last week that it has reached an agreement with plaintiffs to resolve a class action lawsuit.

The lawsuit the company is facing is a multi-district suit in the New Jersey federal court. The settlement involves people who purchased Merck securities from May 21, 1999 through Oct. 29, 2004. The persons involved are looking to recover damages based on federal securities laws in regards to statements made by Merck in reference to Vioxx.

According to the settlement, Merck will pay the plaintiffs $830 million to resolve the lawsuit. The company will also pay for approved attorneys’ fees and expenses. The settlement does not contain nor does it represent a Merck admission of wrongdoing. Although this lawsuit has been resolved, Merck still faces individual securities lawsuits in relation to Vioxx. The settlement is still subject to approval by the New Jersey federal court.

Merck, also known as MSD outside of the United States and Canada, provides prescription medicines, vaccines, biologic therapies and animal health products to consumers. It operates in more than 140 countries to bring health solutions to customers and patients.