Pfizer to Fork Over $486 Million to Settle Lawsuit Over Celebrex, Bextra

Published: Aug 03, 2016

Pfizer Inc (PFE.N) on Tuesday said it has reached a $486 million settlement of litigation accusing it of causing big losses for shareholders by concealing safety risks associated with its Celebrex and Bextra pain-relieving drugs.

The accord is subject to negotiation of a final settlement agreement with the plaintiff shareholders, and would end more than 11 years of litigation against the drugmaker and several officials, including former Chief Executive Henry McKinnell.

It was reached nearly seven years after Pfizer agreed in September 2009 to pay $2.3 billion to settle a U.S. government probe into the marketing of Bextra and other drugs.

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