Securities Law | Expert Legal Commentary
November 17, 2008
In re Merck: Class Plaintiffs Were Not on Inquiry Notice Sufficient to Time Bar Claims
In re Merck & Co., Inc. Securities, Derivative & “ERISA” Litigation
By
Joel B. Ginsberg
In In re Merck & Co., Inc. Securities, Derivative & “ERISA” Litig., ___ F.3d ___, 2008 WL 4138476 (3rd Cir. 2008), a federal circuit court revived a securities fraud class action suit against Merck that accuses the pharmaceutical company of hiding the truth about Vioxx and its link to cardiac problems. The district court had dismissed the class action as time barred, claiming that the plaintiffs were on inquiry notice more than two years before filing the suit. In a split decision on appeal, the Circuit Court disagreed, finding that reassuring messages from Merck and the market prevented plaintiffs from being on inquiry notice until much later.
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