Judge Jesse Furman of the U.S. District Court for the Southern District of New York. Photo: Ryland West/ALM Bristol-Myers Squibb Wins Dismissal of $6.4 Billion Lawsuit Alleging Intentional Delay of Cancer Drug
U.S. District Judge Jesse Furman dismissed the action, finding that plaintiff was never properly appointed as successor-trustee and therefore was unable to bring the suit on behalf of shareholders.
October 01, 2024 at 04:45 PM
3 minute read
Pharmaceuticals
A New York federal judge has dismissed a $6.4 billion lawsuit against Bristol-Myers Squibb Co., agreeing with counsel for the pharmaceutical company that plaintiffs lacked subject-matter jurisdiction.
UMB Bank NA filed suit against Bristol-Myers in 2021, alleging that the company intentionally slow-rolled the approval process for a cancer drug in order to dodge paying the more than $6 billion owed to former Celgene shareholders under a contingent value rights agreement.
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