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US drugmaker Merck has agreed to settle a lawsuit with investors related to statements the company made about the safety of one of its painkillers.

The company will pay $830m (£581m) to investors who bought Merck securities between 1999 and 2004.

The lawsuit stemmed from statements Merck made about the cardiovascular safety of the painkiller Vioxx.

Vioxx was withdrawn from the market in 2004 after evidence showed it doubled the risk of heart attack and stroke.

In 2011 Merck pleaded guilty to federal charges of violating marketing laws related to its sale of Vioxx.

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Federal officials accused the company of making false statements and illegally marketing Vioxx as a treatment for rheumatoid arthritis to increase sales.

Merck said this latest settlement with investors did not constitute an admission of guilt by the company.

It still faced a number of individual lawsuits related to Vioxx.