Drugmaker Merck & Co Inc announced a proposed settlement on Friday to resolve litigation challenging its planned merger with Schering-Plough Corp.
Merck said the settlement relates to a class action lawsuit that was filed in the Chancery Division of the Superior Court of New Jersey in Hunterdon County and named Merck, its directors and Schering-Plough as defendants.
The suit involves the amount of disclosure made by Merck and Schering-Plough on the merger. The companies said additional disclosures have been made and filed with the U.S. Securities and Exchange Commission.
Merck said that under the settlement no damages would be paid by Merck or Schering-Plough and it would require no admission of wrongdoing or liability.