Elan Corp. (NYSE: ELN), an Ireland-based pharmaceutical company, has announced the preliminary settlement of the securities class action pending against the company in the S.D.N.Y. The case, originally filed in 2002, alleges that Elan engaged in accounting violations. The settlement is for $75 million, with $35 million to be paid by the company and $40 million by its insurance carrier.
Addition: An interesting sidenote – Elan is the parent company of Dura Pharmaceuticals, the defendant in the loss causation case currently before the U.S. Supreme Court.
The 10b-5 Daily 