TORONTO--(BUSINESS WIRE)--Biovail Corporation (NYSE:BVF)(TSX:BVF) today announced that the Company and the named individual defendants have entered into an agreement to settle the class-action shareholder litigation in the claim brought by the Canadian Commercial Workers Industry Pension Plan (the “Canadian Action”). Under the terms of the settlement agreement in the Canadian Action, the parties have agreed that the sole source of compensation for the plaintiffs in the Canadian Action will be the settlement amount previously agreed to in the proposed settlement of the parallel U.S. securities class action, as announced by the Company on December 11, 2007. The settlement is subject to final approval by the Ontario Superior Court.
