In Final Chapter of Biovail Saga, Paul Weiss Wins Dismissal of Claims Against Hedge Fund

In Final Chapter of Biovail Saga, Paul Weiss Wins Dismissal of Claims Against Hedge Fund - 8-24-2009

Home

Index of Filings

News and Press Releases

Filings

Decisions

Settlements

Litigation Activity Indices

Top Ten List

Annual/Quarterly Updates

Clearinghouse Research

Articles & Papers

Search

Related Sites

About Us

Local Rules

Sponsors

Register

_______________
Copyright © 2001
Stanford Law School

2009 News and Press Releases

SEARCH

News	News 2009
HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

DISMISSAL NEWS:

In Final Chapter of Biovail Saga, Paul Weiss Wins Dismissal of Claims Against Hedge Fund
Ben Hallman

The American Lawyer. August 24, 2009
_________________________________________________________________________

EXCERPT: Biovail's long-running battle against several hedge funds and analysts it accused of driving down its stock price has provided lots of drama. Two years ago, Manhattan federal district court Judge Richard Owen sanctioned Biovail for using documents, which were under a protective order, to file a separate RICO suit against the hedge funds and analysts. (Andrew Longstreth wrote a great American Lawyer feature about the embarrassing hearings before Owen in 2007, in which Biovail's lawyers at Kasowitz, Benson, Torres & Friedman and Howrey blamed each other for the screw-up.) Then, in February, a couple of plaintiffs lawyers were sanctioned by Newark federal district court Judge Stanley Chesler, who said they'd copied Biovail's RICO suit in filing a shareholders class against the same hedge funds and analysts. […] Now comes what we hope will be the final word in Biovail's aborted campaign against the hedge funds. On Thursday, New Jersey state court Judge Donald Goldman dismissed Biovail's trade libel and conspiracy claims against SAC Capital. In most Litigation Daily posts, this would go without saying, but Goldman didn't sanction any lawyers in his ruling. Biovail filed the complaint against SAC back in February 2006, accusing the hedge fund of conspiring to deceive Biovail shareholders in a short-selling scheme. The case was removed to federal court, but was remanded back to state court by Judge Chesler in January 2007. In April of this year, Biovail, currently represented by Barry Kingham of Curtis, Mallet-Prevost, Colt & Mosle, withdrew the RICO charges and filed an amended complaint. According to Goldman's opinion, the new complaint generally asserted the same facts as the original, but alleged that they gave rise to a cause of action called "trade libel."

Back to News page | Back to Archived News 2009 page | Back to Top

�