Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nyse  >  Merck & Co., Inc.    MRK

Delayed Quote. Delayed  - 09/29 10:00:16 pm
61.91 USD   -2.20%
09/29 MERCK : Congratulates Guatemala as Fourth Country in Latin America t..
09/29 MERCK FOUNDATIO : Grant Expands YMCA’s Diabetes Prevention Pro..
09/28 Xenon Pharmaceuticals Appoints Dawn Svoronos to Its Board of Dire..
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Merck & Co., Inc. : Hundreds of Fosamax lawsuits versus Merck ordered readied for trial

share with twitter share with LinkedIn share with facebook
share via e-mail
0
08/30/2013 | 10:53pm CEST

A federal judge overseeing consolidated litigation against Merck & Co over jaw injuries allegedly caused by the osteoporosis drug Fosamax has ordered hundreds of cases be dispersed to courts across the country for trial.

The decision by U.S. District Judge John Keenan in Manhattan marks an unusual and potentially costly development for Merck.

Companies often find it easier to reach settlements in mass tort cases that are consolidated before one judge.

"It's a big deal as it changes the cost paradigm for Merck exponentially," said Timothy O'Brien, a partner at Levin, Papantonio, Thomas, Mitchell, Rafferty & Proctor and lawyer representing Fosamax plaintiffs.

The judge's order Thursday requires that 200 cases per month be sent to back to courts where they were initially filed, beginning with the oldest ones.

Lainie Keller, a spokeswoman for Merck, said the company "is committed to defending its conduct in regard to Fosamax and has confidence in its defense strategy that has had so much success in the courts."

The cases before Keenan comprised roughly one-fifth of the 5,075 lawsuits pending nationally in federal and state courts related to Fosamax, a one-time blockbuster medication.

Lawsuits alleging that plaintiffs developed osteonecrosis of the jaw from Fosamax were consolidated before Keenan in 2006.

The judge conducted a series of "bellwether" trials, allowing the parties to assess trends and outcomes in similar cases. A series of wins for plaintiffs, for example, can put them in a better position for settlement talks.

The final Fosamax bellwether trial before Keenan ended in February with a $285,000 verdict for plaintiff Rhoda Scheinberg.

Merck lost just one other of the five bellwether trials before Keenan, when a jury in 2010 awarded Florida resident Shirley Boles $8 million, a sum the judge reduced to $1.5 million.

Keenan's order on Friday came after mediation to resolve 370 cases broke down two weeks ago. O'Brien's law firm and another firm represented plaintiffs in those cases.

Another 104 lawsuits brought by another firm could have been added to the talks if a deal on value was reached, O'Brien said.

Lawyers for the plaintiffs had sought to have 300 cases transferred every four months, while Merck sought to have just 100 cases scheduled for discovery over a six-month period.

Merck has benefited from having the litigation consolidated.

Keenan had thrown out 430 cases after he issued an order last November, which Merck had sought, requiring them to put forth expert reports showing scientific proof of their claims.

But in his order Friday, Keenan said Merck's latest proposal would "unnecessarily prolong" the proceedings before him.

Keenan ordered plaintiffs to recommend by October 11 where to sent the first batch of cases.

An order moving so many personal injury cases home at once is rare, O'Brien said. He noted that Merck reached a $4.85 billion settlement with over the painkiller Vioxx in 2007 only after a federal judge threatened a similar order.

"I anticipate Merck will continue talking and seek to resolve the cases," O'Brien said. "The opportunity is there."

The case is In Re Fosamax Products Liability Litigation, U.S. District Court, Southern District of New York, No. 06-md-01789.

(Reporting by Nate Raymond in New York; Editing by Bernard Orr)

By Nate Raymond

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on MERCK & CO., INC.
09/29 MERCK : New Herpes Zoster Study Findings Have Been Reported from Merck & Company..
09/29 MERCK : Congratulates Guatemala as Fourth Country in Latin America to Achieve WH..
09/29 MERCK FOUNDATION : Grant Expands YMCA’s Diabetes Prevention Program in Fiv..
09/28 Xenon Pharmaceuticals Appoints Dawn Svoronos to Its Board of Directors
09/28 MSD ANIMAL HEALTH : Demonstrates Commitment to Eliminate Rabies Worldwide with D..
09/28 MERCK : Two New Trials of Merck’s KEYTRUDA® (pembrolizumab) as Monotherapy..
09/23DJMERCK : Keytruda Finds Fast Entry Into China Via Medical-Tourism Push
09/23 MERCK : to Hold Third-Quarter 2016 Sales and Earnings Conference Call on October..
09/21 MERCK : Geneva Advisors Lowers stake in Merck & Co. (MRK)
09/20 MERCK : to Host Investor Teleconference to Discuss ESMO 2016 Highlights
More news
Sector news : Pharmaceuticals - NEC
07:26aDJNovo Nordisk Announces Job Cuts
09/29DJGLAXOSMITHKLINE : Appoints New Consumer Healthcare Chief
09/29DJNOVO NORDISK A/S : to Cut 1,000 Jobs Amid Growing Competition -- Update
09/28DJINTRA CELLULAR THERAPIES : Shares Plunge After Disappointing Drug Trial Results
09/28DJGLAXOSMITHKLINE : to Sell Remaining 6.2% Stake in Aspen Pharmacare
More sector news : Pharmaceuticals - NEC
News from SeekingAlpha
09/29 Novel Checkpoints Add To The Parp Showdown
09/29 Shire Cedes Biosimilar Field
09/29 Yellen And Clinton Combo To Take Market Higher
09/28 Enrollment underway in Bayer and Merck's large-scale study of vericiguat in h..
09/27 Real Estate Leader CXW Gains Upside As Price Sags
Advertisement
Financials ($)
Sales 2016 39 716 M
EBIT 2016 13 608 M
Net income 2016 5 662 M
Debt 2016 5 481 M
Yield 2016 2,94%
P/E ratio 2016 30,05
P/E ratio 2017 20,36
EV / Sales 2016 4,45x
EV / Sales 2017 4,38x
Capitalization 171 194 M
More Financials
Chart MERCK & CO., INC.
Duration : Period :
Merck & Co., Inc. Technical Analysis Chart | MRK | US58933Y1055 | 4-Traders
Full-screen chart
Technical analysis trends MERCK & CO., INC.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 66,1 $
Spread / Average Target 6,8%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Kenneth C. Frazier Chairman, President & Chief Executive Officer
Robert M. Davis Chief Financial Officer & Executive Vice President
Michael A. Rosenblatt Chief Medical Officer & Executive Vice President
Clark Golestani Chief Information Officer & Executive VP
Thomas Henry Glocer Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
MERCK & CO., INC.17.21%171 194
JOHNSON & JOHNSON14.16%320 836
ROCHE HOLDING LTD.-11.51%216 029
NOVARTIS AG-10.14%209 049
PFIZER INC.3.22%202 108
GLAXOSMITHKLINE PLC19.99%104 124
More Results