$12.8 Million Settlement Pending In KV Pharmaceutical Class-Action Suit

The bankrupt KV Pharmaceutical Co. has agreed to a pay a proposed $12.8 million to settle a class-action lawsuit. The settlement with lead plaintiffs Norfolk County Retirement System and the State-Boston Retirement System received preliminary approval in January from Judge Carol Jackson of the U.S. District Court for the Eastern District of Missouri. A settlement hearing is scheduled for April 23. The lawsuit alleges that KV made misstatements and omissions regarding its compliance with the FDA and with good manufacturing practices, according to a statement from Labaton Sucharow, the New York law firm representing the plaintiffs.

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