Market Chatter: Bristol-Myers Squibb Faces $6.7 Billion Lawsuit in Renewed Cancer Drug Delay Case

MT Newswires Live11-15 20:15

Bristol-Myers Squibb (BMY) is facing a $6.7 billion lawsuit accusing the company of delaying federal approval for three drugs to avoid an extra payout to holders of contingent value rights or CVR, Reuters reported Thursday, citing a court filing.

An earlier version of the lawsuit was dismissed after US District Judge Jesse Furman ruled that the plaintiff UMB Bank was never properly appointed trustee to represent the CVR holders.

In the latest complaint, UMB said it has been confirmed as trustee, entitling it to sue, according to Reuters. This reportedly increased Bristol Myers' liability to $6.7 billion, up from $6.4 billion previously.

Bristol Myers and UMB did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 54.52, Change: +0.20, Percent Change: +0.37

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