A panel discussion was held about the settlement Merck made with users of its pain reliever Vioxx, which it withdrew from the market in 2004 because of new studies showing increased cardiovascular risk. Some law professors are arguing that a new and unusual provision in the settlement raises ethical concerns. The panelists discusssed why Merck settled and why the settlement was for so much less than originally anticipated; if the settlement will stand up under legal challenge; comparisons with other settlements; and reform of the system for mass litigation. After the presentations the panelists responded to questions from members of the audience. Mr. Calfee moderated.