Pfizer Derivative Action

In what has been called one of the largest settlements in a derivative action, Pfizer agreed to set aside $75 million to fund new compliance efforts at Pfizer, including the creation of a new Board-level committee. Compass Lexecon was retained by Mark Lebovitch of Bernstein Litowitz Berger & Grossmann LLP to support the plaintiffs’ corporate governance expert, Professor Bernard Black of Northwestern Law School who analyzed the conduct of Pfizer’s Board of Directors in connection with its oversight of the company’s improper marketing and sales practices and internal controls. A team in Compass Lexecon’s Chicago office including Jessica Mandel, Rahul Sekhar and Alice Kaminski were involved in this matter.