Biovail Chair Fails To Reach Deal With Regulator

Law360, New York (May 9, 2007, 12:00 AM EDT) -- Settlement talks have broken off between Biovail Corp. Chair Eugene Melnyk and the Ontario Securities Commission in its case accusing him of failing to report trades of the company’s stock placed in several trusts.

After a couple hours of settlement discussions behind closed doors, the Commission said the two parties were unable to reach a deal on Tuesday, and the Commission plans to continue with its case.

A June 4 hearing will be held as scheduled over Melnyk’s response to the allegations.

On Tuesday, Melnyk voiced...
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