Forest Labs To Alter Governance To Settle Derivative Suits

Law360, New York (August 10, 2012, 6:29 PM EDT) -- Forest Laboratories Inc. will make changes to its corporate governance to settle three shareholder derivative suits accusing the company's board of protecting its CEO over the interests of shareholders after the company shelled out $313 million to settle off-label marketing claims.

The pharmaceutical company revealed the settlement in a quarterly report filed Thursday with the U.S. Securities and Exchange Commission. While the details of the settlement haven’t been finalized, the company had reached an agreement-in-principle on July 20 to make changes to some of its corporate governance...
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