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I had to read this article about the proposed warning label on Black Cohosh a few times to get the sense of it. 

The salient point is that the Medicines and Healthcare products Regulatory Agency (MHRA) in the UK is requesting a label warning of possible liver damage on Black Cohosh products.

Elsewhere in the article, are comments such as: 

* two expert committees - concluded liver damage was possible, if unlikely
* evidence for liver toxicity risks from black cohosh "remains equivocal but    certainly warrants continued monitoring."
 * At this time, there is no known mechanism with biological plausibility that explains any hepatotoxic activity of black cohosh

Personally, I think the key to the whole thing lies in the last paragraph, which states "A study in the May/June issue of Menopause: The Journal of the North American Menopause Society found more than half of surveyed women believed herbal menopausal remedies such as black cohosh were a safer alternative to hormone therapy. "

Another herb's reputation being damaged to protect the pharmaceutical industry? 
Read the article yourself and decide.

Updated September 21st 2006

In the hopes that the truth will catch up with rumor, I am posting this information about the US Court case against Black Cohosh, which has been diosmissed by the Judge.  It is absolutely incredible to read about the difference between what the case originally alleged, and the actual facts!

Black cohosh safety rep boosted by court decision