Genzyme To Cough Up $64M To Settle Suit

Law360, New York (August 10, 2007, 12:00 AM EDT) -- Biotechnology company Genzyme Corp. will pay $64 million to settle a four-year-long squabble with shareholders over changes to the company's stock structure.

The settlement, which has yet to be filed in the U.S. District Court for the Southern District of New York, still needs court approval.

The company announced the deal in the class action on Thursday, saying that settling was in the best interests of all the parties.

Genzyme said, though, it still believes that its contested consolidation of the company's tracking stock structure “was...
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