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

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. (In a harshly worded ruling (pdf), Chesler also dismissed the suit.)

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