PE Firm Wants Out Of Class Deal To Sue Celera Over Buyout

Law360, Wilmington (October 24, 2012, 10:20 PM EDT) -- The Delaware Supreme Court heard oral arguments Wednesday as BVF Partners LP sought to escape the terms of a class action settlement preventing the private equity firm from pursuing its own shareholder suit over Quest Diagnostics Inc.'s $344 million buyout of Celera Corp.

The class action had been brought by New Orleans Employees' Retirement System in Delaware Chancery Court, which in March certified NOERS as class representative, approved its settlement agreement and refused BVF's request that it be allowed to opt out of the deal....
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