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Jul 17, 2008 10:30 am US/Eastern

Merck Shells Out $4.85B To Settle Vioxx Lawsuits

WHITEHOUSE STATION, N.J. (AP) ― Merck says it will fund the $4.85 billion settlement designed to resolve tens of thousands of lawsuits related to its Vioxx painkiller, waiving its right to walk away from the settlement deal.

Whitehouse Station, N.J.-based Merck & Co. says it is satisfied threshold levels needed to trigger the funding will be met, and therefore on Aug. 4 will waive its right to walk away from the deal.

Merck will then make total payments of $4.85 billion into the settlement fund, with the first $500 million payment scheduled for Aug. 6.

Payments to claimants will begin to be made before the end of August. Nearly 60,000 people have registered a claim that the once-popular painkiller caused a heart attack or stroke

(© 2008 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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