Ex-Elan chairman’s action settled

A SETTLEMENT was announced in the High Court yesterday in proceedings against Elan Corporation plc brought by a former chief executive and chairman of the pharmaceutical company, Donal Geaney, who claimed he was being denied share option entitlements worth up to $12 million.

No details of the settlement were disclosed when Michael Collins SC, for Elan, told Mr Justice Peter Kelly he was glad the case had been settled.

Counsel asked that the court receive the terms and that the matter be adjourned for five weeks during which time a “payment” would be made.