Teva Wins $100M Settlement From Broker Over ARS

Law360, New York (October 27, 2008, 12:00 AM EDT) -- Generic drugmaker Teva Pharmaceutical Industries Ltd. has reached a $100 million settlement with an unnamed institution that served as a broker for the company and put its investments in auction rate securities.

Under the settlement, the broker will be released from all liability in exchange for a $100 million cash payment, which Teva will record as a one-time finance income, the company announced Monday. Teva said that it could not disclose any more information because of “confidentiality restrictions.”

A representative of the company could not immediately...
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