Friday, November 09, 2007

Merck Announces Vioxx Settlement: $4.85 Billion

From everywhere:

Merck hasagreed to pay nearly $4.85 billion to settle a significant portion of the claims over injuries claimed to linked to Vioxx.

The drug maker said if certain conditions under the agreement are met, Merck will pay a fixed amount of $4.85 billion into a settlement fund for qualifying claims that enter into the resolution process.

The average plaintiff will receive just over $100,000 before legal fees and expenses according to one report. The settlement amount represents less than one year's profit for the company.