Merck agrees to pay $688 mil

Investor's Business Daily

The drugmaker agreed to settle 2 class action suits by shareholders who said they lost money because Merck (MRK) concealed poor results of a trial of its anti-cholesterol drug Vytorin. The suits, led by pension funds, alleged that Merck and partner Schering Plough, now a unit of Merck, knew a year in advance the trial was a failure but withheld that from investors. Law firms representing some of the plaintiffs said the settlements are among the 10 largest in securities class actions. Merck shares rose 0.1%.

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