CVS Caremark Corp. has agreed to pay $48 million to settle a securities class action in which government retirement systems accused the company of making misleading statements about a multibillion-dollar loss two years after CVS and Caremark agreed to a merger. The Plaintiffs filed a motion for preliminary approval of the settlement in a Rhode Island federal court. A drop in company’s stock value was linked to the misleading statements. The loss came two years after prescription management benefits company Caremark approved a merger with Rhode Island-based CVS in 2007. The proposed class includes investors who bought stock in CVS between Oct. 30, 2008, and Nov. 4, 2009.
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