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Newspaper wrap-up: Merck to settle Vioxx claims for $4.85B

MAJOR PAPERS:

Merck & Co (NYSE: MRK) announced this morning that it has agreed to pay $4.85B to settle a majority of the 27,000 claims related to Vioxx, its painkiller drug, reported the Wall Street Journal (subscription required).
In a tough sales environment, Chrysler will next month offer a new series of incentives and rebates, reported the Wall Street Journal. The campaign could put pressure on General Motors (NYSE: GM) and Ford Motor Company (NYSE: F) to follow suit.

OTHER PAPERS:

The Detroit Free Press reported that Ford CEO Alan Mulally said that the company would lay off more workers. "We will continue to reduce our employment consistent with our restructuring," Mulally said during the company's Q3 conference call yesterday.
New Blockbuster (NYSE: BBI) CEO Jim Keyes is aiming to transition the company to a retail store from a rental service, reported the New York Post
The New York Sun reported that the default rate among condominium owners in some of New York City's wealthiest areas is rising by as much as 25% this year, according to lawyers for condominium boards.