Biovail Settles Securities Suit For $138M

Law360, New York (December 11, 2007, 12:00 AM EST) -- Biovail Corp., the largest pharmaceutical company in Canada, said Tuesday that it had settled a long-running class action securities lawsuit brought against it in the U.S. District Court for the Southern District of New York.

Under the terms of the agreement, the total amount payable to the class will be $138 million. However, Biovail estimated that it would ultimately pay only about $85 million after the resolution of all insurance claims.

Neither the Toronto-based company nor any of the individual defendants named in the suit admitted...
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