Law360 (March 24, 2009, 12:00 AM EDT) -- A $14 million settlement has been reached in a decade-long 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.
The plaintiffs on Monday asked the U.S. District Court for the Southern District of California to approve an agreement settling claims against Dura, which is now part of Elan Corp. PLC, and three Dura officers targeted in the suit.
If approved, the settlement would bring to a close a case that prompted the nation's highest court to require securities fraud plaintiffs to prove a defendant's misrepresentations caused...
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