Merck will pay $830 million to resolve a federal class-action lawsuit involving shareholders and the painkiller Vioxx, which the drugmaker pulled from the market years ago over safety concerns.
Merck said Friday that the case involved people who purchased its securities between 1999 and 2004. The litigation focused on statements Merck made regarding Vioxx’s cardiovascular safety.
Merck & Co. Inc. removed Vioxx from the market in 2004 after evidence showed it doubled the risk of heart attack and stroke.
The Justice Department has said that the company made false statements about Vioxx to increase sales.
Merck said the settlement doesn’t constitute an admission of any liability or wrongdoing.