Merck (MRK) Settles with 29 State Attorney Generals on VIOXX for $58 Million

May 20, 2008 12:35 PM EDT

Merck & Co., Inc. (NYSE: MRK) has reached civil settlements with Attorneys General from 29 states and the District of Columbia to fully resolve previously disclosed investigations under state consumer protection laws related to past activities for VIOXX.

As part of the civil resolution of these investigations, Merck has agreed to pay a total of $58 million to be divided among the 29 states and the District of Columbia. In April, Merck announced it had taken a pre-tax charge in the first quarter of $55 million in anticipation of this settlement. The agreement also includes compliance measures that supplement policies and procedures previously established by the Company.

We believe that Merck acted in good faith and that the Company's activities in support of VIOXX were intended to fully comply with relevant regulations.

"Merck remains committed to communications that help patients and their physicians choose medicines based on accurate, fair and balanced information," said Bruce Kuhlik, executive vice president and general counsel of Merck. "Today’s agreement enables Merck to put this matter behind us and focus on what Merck does best, developing new medicines.�[SM]

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