CANADA - Class action shareholder litigation against Biovail Corporation, brought by the Canadian Commercial Workers Industry Plan, has been settled.
Under the terms of that agreement, the total settlement amount payable was $138m. Biovail estimated that it would ultimately pay approximately $85m after resolution of all insurance claims.
The settlement is subject to final approval by the Ontario Superior Court.
It said: "The settlement agreement in the Canadian action contains no admission of wrongdoing by Biovail or any of the named individual defendants, nor is the company or any of the individual named defendants acknowledging any liability or wrongdoing by entering into the agreement."
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