ImClone Settles

ImClone Systems, Inc. (NASDAQ: IMCL), a New York-based biopharmaceutical company, has announced the preliminary settlement of the securities class action pending against the company in the S.D.N.Y. The case was originally filed in 2002 and alleges that the company made false or misleading statements regarding the prospects for FDA approval of its Erbitux cancer drug. The events surrounding the case are probably best known for leading to Martha Stewart’s conviction for lying to federal investigators about her sale of ImClone shares. The settlement is for $75 million.