Novartis Unit Settles Shareholder Action For $30M

Law360, New York (March 11, 2009, 12:00 AM EDT) -- A federal judge has given his final approval to a $30 million securities class action settlement between Novartis Vaccines & Diagnostic Inc. and its shareholders, bringing to a close five years of litigation over the company's failed flu vaccine.

Judge Vaughn R. Walker of the U.S. District Court for the Northern District of California signed off on the settlement and dismissed the action with prejudice on Wednesday.

The parties could not be reached for comment Wednesday.

The class action was first filed against the Novartis unit...
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