Tags: pfizer | celebrex | bextra | litigation

Pfizer in $486 Million Settlement of Celebrex, Bextra Litigation

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Tuesday, 02 Aug 2016 06:47 AM

Pfizer Inc. on Tuesday said it has reached a $486 million settlement of shareholder litigation accusing it of causing big losses for shareholders by concealing safety risks associated with its Celebrex and Bextra pain-relieving drugs.

Pfizer pulled Bextra from the U.S. market in April 2005, and agreed in September 2009 to pay $2.3 billion to settle a U.S. government probe into the marketing of Bextra and other drugs.

The accord is subject to negotiation of a final settlement agreement and court approval, and would end more than 11 years of litigation against the New York-based drugmaker and several officials, including former Chief Executive Henry McKinnell.

Pfizer said it has set aside reserves to cover the entire settlement, in which all defendants denied wrongdoing.

Gregory Joseph, a lawyer for shareholders including the Teachers' Retirement System of Louisiana, declined to comment.

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Pfizer Inc. said it has reached a $486 million settlement of shareholder litigation accusing it of causing big losses for shareholders by concealing safety risks associated with its Celebrex and Bextra pain-relieving drugs.
pfizer, celebrex, bextra, litigation
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2016-47-02
Tuesday, 02 Aug 2016 06:47 AM
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