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Business

Pershing Square and Valeant agree to split legal costs

By
Carleton English
Published Feb. 13, 2017, 10:47 p.m. ET

Bill Ackman’s Pershing Square and Valeant Pharmaceuticals have reached an agreement to evenly split legal costs in their nearly two-year long battle against Allergan shareholders.

In June 2015, Allergan shareholders sued Pershing and Valeant, claiming they engaged in an insider-trading and front-running scheme.

Just before Valeant launched a hostile bid for Allergan in February 2014, Pershing acquired a 10 percent stake in Allergan, promising to pledge those shares to Valeant, according the suit.

Under the agreement, filed with the Securities and Exchange Commission on Monday, Valeant will pay 60 percent of any settlement cost, with Pershing paying the rest.

If no settlement is reached, the agreement will terminate on Nov. 1 unless Valeant and Pershing agree to extend it.