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news.OSI Pharmaceuticals has reached a preliminary agreement to settle a putative class action lawsuit filed on or about December 16, 2004 in the Eastern District of New York against OSI, certain of its current and former executive officers and current and former members of its board of directors.
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Under the terms of the settlement, the pending action will be dismissed with prejudice and without any admission of liability on the part of the company or any of the individually named defendants. The amount of the settlement is $9 million.
Approximately, $500,000 will be paid by OSI, and the balance of the settlement will be paid by OSI insurer. The settlement will have no impact on the company’s 2008 financials. The terms of the settlement are subject to court approval.