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.
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Some 48% of employers are unaware of the services or help they offer to members of their defined contribution (DC) schemes, according to Aon.
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