Novartis Execs Best Derivative Shareholder Claims

Law360, New York (September 4, 2009, 2:13 PM EDT) -- Finding that holders of American depository shares in Novartis AG are not entitled to pursue derivative shareholder claims under New York law, a federal judge has tossed a lawsuit alleging the Swiss pharmaceutical giant’s top brass undermined the company by allowing the off-label marketing of its drugs.

Judge Saundra Brown Armstrong of the U.S. District Court for the Northern District of California on Sept. 2 put the kibosh on claims by Greg Sarandi, trustee of a benefit plan that owns Novartis American depository shares, that Novartis...
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