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Article: New York controller sues Merck in class-action suit for state's retirement fund.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- December 1, 2004
CopyrightCOPYRIGHT 2004 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Daniel Dunaief, Daily News, New York Knight Ridder/Tribune Business News
Dec. 1--City and state cops, firefighters and teachers lost a combined $287 million from their retirement funds after Merck recalled its Vioxx painkiller.
Now, state Controller Alan Hevesi wants some of that money back.
Hevesi sued Merck and sought lead plaintiff status in a class-action lawsuit for the state's retirement fund, which lost $171 million after Merck's stock plunged following the recall of Vioxx.
The retirement funds managed by city controller William Thompson also declined an estimated $116 million in value after Merck's share dipped amid ...
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