Part III, Of IV | Keeping Score -- Pharmacia, Hassan & Cox: The Bextra®/Celebrex® Debacle

Who is charged with what, in these earlier posts of mine, covering a consolidated federal ERISA violations putative class action -- which arises from the delay of important negative cardiovascular study results, as Pharmacia's Bextra^® and Celebrex^® were flogged to an unsuspecting public, and their doctors [see here and here]? That is what the below table sets out. Notice that Mr. Hassan would be charged as a member of both the directors column, and the committee column (and arguably under the corporation column -- as the controlling person of the corporation, from 2000 to 2003).

As before, this story is told entirely from public court pleadings in the ongoing federal ERISA "breach of fiduciary duties" class action in the Southern District of New York. Remember that, in each case below, whenever Pfizer is mentioned, the reference would also (from March 31, 2000 -- through and including April 16, 2003) also refer to Pharmacia, then controlled by Fred Hassan, and Carrie S. Cox.

NATURE OF THE BREACH	Pharmacia	Pharmacia Directors	Pharmacia Committee
Duty to Prudently Invest a. Permit Plans to make and hold investment in Company Stock Funds	√		√
b. Permit Company Stock Funds to be invested almost exclusively in Company Stock	√		√
c. Failure to disregard Plan if necessary to comply with ERISA	√		√
Duty of Loyalty a. Failure to make fiduciary decisions for the exclusive benefit of the Plans	√		√
b. Failure to obtain independent advice of engage an independent fiduciary in situations presenting potential conflicts of interest	√	√	√
Duty of Prudence (to Appoint and Monitor) a. Failure to adequately appoint and monitor	√	√
b. Failure to provide complete and accurate information to other Plan Fiduciaries	√	√	√
c. Failure to investigate	√	√	√
Co-Fiduciary Liability	√	√	√
Knowing Participation Liability	√	√	√

Part IV -- as to what it all means -- tomorrow.