Merck & Co. ERISA Litigation
The Merck & Co., Inc. ERISA Consolidated Amended Complaint was filed in the United States District Court for the District of New Jersey on behalf of Plaintiffs and a class (the “Class”) of all persons, other than Defendants, who were participants in, or beneficiaries of, the Merck & Co., Inc. Employee Savings and Security Plan, the Merck & Co., Inc. Employee Stock Purchase and Savings Plan, the Merck Puerto Rico Employee Savings and Security Plan, and the Merck-Medco Managed Care 401(k) Savings Plan (collectively, the “Plans”) at any time between October 1, 1998 and September 30, 2004 (the “Class Period”) and whose accounts included investments in Merck.
The Consolidated Amended Complaint alleges that during the Class Period, the Defendants breached their fiduciary duties to Plaintiffs and the Class members by:
- Failing to prudently and loyally manage the Plans and Plans' assets and share material information with fellow fiduciaries;
- Failing to provide complete and accurate information to participants and beneficiaries;
- Failing to monitor fiduciaries;
- Co-fiduciary liability; and
- Knowing participation in a breach of fiduciary duty.
Not all claims were brought against every Defendant.
On July 11, 2006, Judge Stanley R. Chesler issued an Order granting in part and denying in part Defendants' four Motions to Dismiss Plaintiffs' Consolidated Amended Class Action Complaint. The Order and Opinion can be found under Case Documents below.
On February 9, 2009, the Court certified the following class in this action:
Every person, other than Defendants:
1) who was a participant in, or beneficiary of, the Merck & Co., Inc. Employee Savings & Security Plan, the Merck & Co., Inc. Employee Stock Purchase & Savings Plan, the Merck Puerto Rico Employee Savings & Security Plan and the Merck-Medco Managed Care, LLC 401(k) Savings Plan (collectively, the “Plans”) at any time between October 1, 1998 and September 30, 2004; and
2) whose Plan accounts invested in the Merck Common Stock Fund and/or Merck common stock; and
3) who sustained a loss to his or her Plan account as a result of the investment in the Merck Common Stock Fund and/or Merck common stock; and
4) who has not executed a settlement agreement releasing these claims.
For more information regarding the Order regarding Class Certification or to review additional documents regarding the case, please refer to the Case Documents below or Contact Us for more information.
On March 23, 2009, Judge Stanley R. Chesler issued an Order denying Defendants' Motion for Judgment on the Pleadings. The Order can be found under Case Documents below.
Case Documents
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