2nd Circ. Bars Trusts From $138M Biovail, Investors Deal

Law360, New York (February 21, 2012, 10:06 PM EST) -- The Second Circuit on Tuesday upheld a decision to exclude four investment trusts from a $138 million settlement between Biovail Corp. and shareholders, saying the fact that the founder had a controlling interest in them was an appropriate reason for disqualification.

A three-judge panel said the terms of the securities fraud settlement disqualified the four trusts from taking part in the proceedings and that the New York federal court that issued the January 2011 order approving class distribution and overruling the trusts’ objections was correct in...
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