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EUGENE MELNYK REACHES SETTLEMENT WITH OSC IN PROBE OF BIOVAIL DRUGMAKER

May 6, 2011

Eugene Melnyk reached a settlement with the Ontario Securities Commission in a probe of drugmaker Biovail Corp. As part of the settlement presented to an OSC panel in Toronto today, Melnyk agreed to pay C$565,000 in costs and drop his appeal. Melnyk also faces a five-year ban as a director or officer.



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