Biovail Settles

Biovail Corporation (NYSE: BVF) (TSX: BVF), an Ontario-based specialty pharmaceutical company, has announced the preliminary settlement of the securities class action pending against the company in the S.D. of New York. Originally filed in 2003, the case stems from allegations that the company made false financial projections.

The settlement is for $138 million, of which Biovail estimates it will pay $85 million after settling all insurance claims. The 10b-5 Daily has previously posted on the tumult surrounding the Biovail securities litigation, including the company’s attempts to sue short-sellers of its stock.

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