$2.36B Glaxo Charge Covers Avandia, Paxil Litigation, Other Legal Costs

LONDON - (Mealey's) GlaxoSmithKline PLC (GSK) on July 15 said it expects to take a $2.36 billion charge against earnings to settle several legal issues, including settling "the substantial majority" of Avandia product liability cases and the "vast majority" of Paxil product liability...

Goldman Sachs To Pay $550M To Settle Charges It Misled Subprime Investors

NEW YORK - Goldman, Sachs & Co. has agreed to pay $550 million in penalties and to change its business practices to settle allegations brought by the U.S. Securities and Exchange Commission that it misled investors in a subprime mortgage product, the SEC announced June 15 ( Securities and Exchange...

Berman DeValerio Files Class Action Lawsuit Extending Class Period In BP Action

NEW ORLEANS, La. - The law firm of Berman DeValerio has filed a securities fraud lawsuit against BP plc, expanding the complaint to cover certain investors who acquired BP stock as early as mid-2005 ( The Oklahoma Police Pension & Retirement System v. BP, et al. , No. 2:10-cv-02013, E.D. La.). ...

Judge: Money Laundering Exclusion Bars Coverage For Stanford Directors And Officers

HOUSTON -- (Mealey's) Insurers have proven that their policies' money laundering exclusion precludes coverage for directors and officers insureds' defense costs in underlying criminal and SEC litigation involving the alleged Stanford Ponzi scheme, a Texas federal judge held Oct. 13, granting...

Medtronic To Pay $268M To Settle 3,700 Claims Involving Sprint Fidelis Leads

MINNEAPOLIS -- (Mealey's) Medtronic Inc. on Oct. 14 said it has agreed to pay $268 million to settle about 3,700 lawsuits and claims in the United States related to the recall of its Sprint Fidelis implantable cardiac defibrillator leads. In its most recent Form 10-Q report filed with the U.S...

C.R. Bard Takes $51 Million Charge, Agrees To Settle Federal Civil, Criminal Probes

MURRAY HILL, N.J. - (Mealey's) C.R. Bard Inc. on Jan. 27 reported that it has taken a $51 million charge in connection with a preliminary agreement with the civil and criminal divisions of the U.S. Attorney's Office for the Northern District of Georgia to resolve an investigation into the medical...

Teva Settles 'Vast Majority' Of Propofol Vial/Hepatitis C Infection Cases In Nevada

NORTH WALES, Pa. - (Mealey's) Teva Pharmaceuticals Industries Ltd. has agreed to settle "the vast majority" of its propofol vial/hepatitis C cases, a company spokesperson said Feb. 21. Teva did not disclose the amount of the settlement or the number of cases settled. However, the...

FTC Rules Get E-Discovery Makeover This Month

When really broad neckties went out of style, one solution might have been to take a pair of scissors to them and snip them to a modern-day width. Smarter guys might simply have taken them to a tailor. Others might have made them into kites. But most guys simply purchased new ties, kept wearing the fat...

GSK To Pay $229 Million To Settle Avandia, Drug Lawsuits By 8 State Attorneys General

LONDON — (Mealey's) GlaxoSmithKline plc (GSK) on July 24 said it has reached an agreement in principle with the attorneys general of seven states to pay $229 million to resolve lawsuits relating to the development and marketing of the diabetes drug Avandia, along with a lawsuit by the Louisiana...