Merck Argues VIOXX® Case before U.S. Supreme Court
WHITEHOUSE STATION, N.J., Merck today presented oral arguments in the U.S. Supreme Court in Merck & Co., Inc., v. Richard Reynolds.
The Supreme Court is reviewing a decision reinstating a securities class action against Merck that involves the issue of what triggers the statute of limitations for securities claims under federal law.
The original suit, brought by investors in connection with disclosures regarding VIOXX, was dismissed by the U.S. District Court for the District of New Jersey in 2007, on the ground that the claims were time-barred under the statute of limitations. In 2008, however, a divided Court of Appeals for the Third Circuit reversed the district court’s ruling.
Merck believes the district court correctly held that the intense public discussion of data surrounding VIOXX had put investors on inquiry notice of the relevant issues long before Merck became aware of and announced the new scientific information that led to the voluntary withdrawal of VIOXX in 2004.
Merck is pleased to have had the opportunity to present its case to the Supreme Court and looks forward to the Court’s decision.
Kannon K. Shanmugam of Williams & Connolly LLP argued the case for Merck.
Status of Litigation
In November of 2007, Merck entered into an agreement to resolve state and federal myocardial infarction and ischemic stroke personal injury claims filed or tolled by Nov. 9, 2007. More than 99 percent of all eligible personal injury claimants enrolled in the program, and the program is proceeding as scheduled.
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