Money Minute: McMahon, Merck, Smuckers

BusinessMoney Minute: McMahon, Merck, SmuckersMoney Minute: McMahon, Merck, SmuckersThe Associated PressEd McMahon, who for decades appeared as Johnny Carson's sidekick on "The Tonight Show," is fighting to avoid foreclosure on his Beverly Hills home.. (June 4)AP Money MinuteThe New Jersey Supreme Court will dismiss a class-action lawsuit against Merck. The 5-1 ruling means the drugmaker will no longer have to pay for the medical monitoring of Vioxx users. The lawsuit was filed by Vioxx users who claim they have no immediate symptoms, but that use of the drug gives them a greater risk of developing illness. Merck pulled Vioxx from the market in September 2004 after its own study showed Vioxx doubles risk of heart attack or stroke.--------------------------------E d McMahon, who for decades appeared as Johnny Carson's sidekick on "The Tonight Show," is fighting to avoid foreclosure on his Beverly Hills home.The Wall Street Journal says Countrywide Financial filed a default notice against McMahon on Feb. 28. At the time, he's said to have been $644,000 behind on $4.8 million in mortgage loans. The six-bedroom, five-bath house overlooking Mulholland Drive is listed for sale at $6.25 million.McMahon, has been a pitchman for the American Family Publishers' sweepstakes for years but has been unable to work since he broke his neck 18 months ago. -------------------------Smucker, the jams and jellies maker is expected to reach an all-stock deal later this week to acquire the Folgers coffee business from Procter&Gamble.According to the Wall Street Journal the deal could bring a price tag of $2 billion or more. Folgers has annual sales of $1.6 billion but has faced increased competition in recent years from Starbucks and other coffee-makers. The sale would nearly double the size of Smucker, which now has annual sales of about $2.5 billion and a market capitalization of about $3 billion.I'm Mark Hamrick with AP Money Minute.