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.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.
More than half of people over the age of 55 see financial security as a top priority in retirement, yet a third allocate more time to buying a new car, finds Legal & General (L&G) research.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).