Glaxo settles suit over Avandia


GlaxoSmithKline has settled a lawsuit involving its controversial Avandia drug - just hours before the case was to be heard in an American court.

The Footsie giant failed to disclose any details of the pre-trial deal with the family of a man who allegedly died as a result of taking the diabetes treatment.

Glaxo (down 15p to 1129p) recently took a £2.2bn charge to cover a slew of claims in the US relating to Avandia.

The hit is expected to wipe out the group's entire profit for the fourth quarter of 2010.