Amgen, Workers Settle Long-Running Stock Suit for $2.75M

Amgen Inc. will pay $2.75 million to settle a long-running lawsuit by workers who accused the company of exposing their retirement savings to poorly performing Amgen stock (Harris v. Amgen, Inc., C.D. Cal., No. 2:07-cv-05442-PSG-PLA, preliminary settlement approval granted 11/29/16).

The agreement, which received preliminary approval from a federal judge on Nov. 29, comes less than a year after the U.S. Supreme Court issued a short opinion in the case largely favoring Amgen. In that opinion, the Supreme Court rebuked an appellate court for ruling against Amgen without properly applying the high court’s directives for cases challenging the ...