CSL settles US lawsuit
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CSL (CSL) has reached a $US64 million settlement regarding a United States antitrust class action filed by US and Puerto Rican hospital groups.
In a statement to the Australian Securities Exchange, CSL said the settlement, which ends proceedings that have been ongoing since 2009, dismisses all claims and potential claims of class members against CSL in the lawsuit, as well as those against the Plasma Protein Therapeutics Association.
The settlement and $64 million sum are subject to approval in the US Federal Court and is expected to take several months.
Meanwhile, the group says the settlement will not change its expectation for net profit after tax (NPAT) growth from the guidance it provided during its full-year results in August.
"If approved, the settlement represents a one-off charge reducing NPAT expectations for fiscal 2014 by $US39 million, the group said
"This charge takes anticipated NPAT growth for the current financial year to approximately seven per cent, at 2012/2013 exchange rates."
CSL's chief executive officer Paul Perreault said the group continued to "strongly reject any allegation of wrong doing," but the settlement was in the best interests of the company and shareholders.
"To pursue the case further would have required several more years of management time and focus as well as substantial additional legal costs with no absolute certainty of the outcome," he said.
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