(Bloomberg) -- Executives of Pershing Square Capital Management and Valeant Pharmaceuticals International Inc. were ordered to come to court to defend the fairness of the $290 million settlement of an insider-trading lawsuit by Allergan Inc. investors announced last week.
U.S. District Judge David Carter said Tuesday that he had “substantial questions whether the settlement amount is reasonable and fair” and wanted corporate representatives of both defendants and plaintiffs present at a hearing Jan. 16 to explain their positions.
Activist investor Bill Ackman's Pershing Square and Valeant agreed to settle investor claims that they engaged in insider trading in the unsuccessful 2014 takeover bid for Botox-maker Allergan. The deal requires the approval of Carter.
To contact the reporter on this story: Edvard Pettersson in Los Angeles at epettersson@bloomberg.net.
To contact the editors responsible for this story: Elizabeth Wollman at ewollman@bloomberg.net, Joe Schneider
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