Merck to Pay $4.85 Billion Vioxx Settlement

Merck plans to pay $4.85 billion to end as many as 50,000 lawsuits regarding its painkiller Vioxx. The deal, if accepted, would be one of the largest drug settlements ever.
Merck pulled Vioxx from the market in 2004 after its was revealed that the popular drug doubled the risk of heart attacks and strokes. Before it was pulled, Vioxx may have resulted in 60,000 fatalities in the U.S.
Merck executive vice president Kenneth Frazier called the agreement "responsible and reasonable," although Merck’s financial responsibility has been estimated as being as high as $50 billion.
Negotiating teams in eight states have been working out this deal over the course of many months.To qualify to receive part of the settlement, plaintiffs must have presented medical proof that they suffered a heart attack or stroke, and that they received at least 30 Vioxx pills. Previously, Merck had attempted to claim that Vioxx caused harm only after 18 months of use, although these claimes were dismissed by independent scientists and the plaintiffs’ lawyers.

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Sources:
Yahoo News November 9, 2007