CANADA - Drugmaker Biovail Corporation has agreed to pay US$138m to settle a securities fraud class-action suit led by the Ontario Teachers' Pension Plan (OTPP) board.
The defendants were alleged to have made a series of false and misleading statements regarding the effectiveness of high-blood pressure drug Cardizem LA in 2003.
The settlement was reached after nearly four years of intensive litigation and is subject to approval by the United States District Court for the Southern District of New York.
Jim Leech, president and chief executive officer of OTPP, said: "This is an excellent recovery and reflects the impact that institutional investors like OTPP can have in securities class actions. We are pleased to obtain this recovery on behalf of the class and our more than 271,000 active and retired teachers, for whom we invest."
Biovail estimated it would ultimately pay approximately $85m after resolution of all insurance claims. It said the proposed settlement contained no admission of wrongdoing by Biovail or any of the named individual defendants.
HMRC has confirmed providers operating relief at source pension schemes can continue to collect automatic tax relief at a basic rate of 20% under new Scottish Income Tax rules.
The Pensions Regulator (TPR) is seeking "improved" powers to set a schedule of contributions in defined benefit (DB) schemes in the government's upcoming white paper, it has revealed.
New regulatory rules which require providers and advisers to produce annuity illustrations will not solve the problem of consumer detriment as they are "fundamentally" flawed, according to Retirement Advantage.
Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.