$14M Deal Wins Final OK In Long-Running Dura Case

Law360 (December 4, 2009, 6:30 PM EST) -- A federal judge has given final approval to a $14 million settlement deal in a decade-long securities class action against Dura Pharmaceuticals Inc. that led the U.S. Supreme Court in 2005 to establish standards for loss causation in securities fraud suits.

Judge Janis L. Sammartino of the U.S. District Court for the Southern District of California signed off on a final judgment and order of dismissal with prejudice in the suit on Friday. Dura Pharmaceuticals is now part of Elan Corp. PLC.

The case prompted the nation's highest court to require securities fraud plaintiffs to prove a defendant's misrepresentations caused their...

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