Class Action Over $28.1B Novartis, Alcon Deal Axed

Law360, New York (May 25, 2010, 5:11 PM EDT) -- A federal judge has dismissed a lawsuit from several pension funds and minority shareholders accusing Novartis AG of shortchanging them in its $28.1 billion merger with eye care company Alcon Inc., finding that since the deal was orchestrated by Swiss companies under Swiss law there is no jurisdiction in the U.S.

Judge Victor Marrero of the U.S. District Court for the Southern District of New York dismissed the complaint on the basis of forum non conveniens on Monday.

Judge Marrero said the plaintiffs' claims “at their...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.