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Ill. Court Says Suit Over Failed Shire Merger Rightly Tossed
Law360 (April 1, 2021, 7:00 PM EDT) The Illinois Appellate Court on Wednesday upheld AbbVie s win over claims that it fraudulently induced an investment company to hold $30 million worth of American depository receipts for Shire PLC pending a $54 billion merger the pharmaceutical giant announced but ultimately reconsidered.
A three-judge panel of the court said a lower court correctly dismissed Castlerigg Master Investments Ltd. s lawsuit against AbbVie Inc. because the company pled insufficient fraud claims over its failed Shire merger, and the state doesn t recognize claims that stem from the holding of securities.