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Bristol settles inventory class action

Executive Summary

Bristol-Myers Squibb has $170 mil. left in its legal reserve for wholesaler inventory litigation after paying $300 mil. to settle a securities class action lawsuit. The settlement is related to inventory accounting and Bristol's investment in ImClone's Erbitux. Bristol increased its legal reserves for wholesaler inventory litigation by $320 mil. to $470 mil. in the second quarter. The $320 mil. reserve was the majority of a $455 mil. second quarter charge for litigation-related expenses. Bristol expected the charge would total $400 mil. (1"The Pink Sheet" July 5, 2004, p. 28)...

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