Glaxo Plans $2.36 Billion Legal Charge (GSK)

GlaxoSmithKline

, a British pharmaceutical company, said Thursday that it would take a second quarter charge of $2.36 billion related to legal cases involving its drugs Avandia and Paxil. An American medical advisory panel recommended Wednesday that Avandia, a diabetes drug, should either be withdrawn from the market or have sales significantly restricted because it increases the risk of heart attacks. GlaxoSmithKline noted that the charge "includes provisioning for settled cases and an estimate for those cases which we have received and are still outstanding.” Shares of GlaxoSmithKline are up 2% in early trade this morning. You Can't Afford Miss Out On These Money Making Trading