Elan announces class action settlements

Elan Corporation, plc today announced that it has reached an agreement to settle the previously disclosed consolidated class action pending in the U.S. District Court for the Southern District of New York.

The class action, which consolidated several class actions filed in early 2002, names the Company and certain of its former and current officers and directors as defendants.

The settlement was submitted to the Court for preliminary approval today.

Elan expects that the Court, which reserved decision on the settlement, will issue an order granting preliminary approval of the settlement in due course.

The Company also announced today that it and the Staff of the Securities and Exchange Commission (the “SEC“) have reached a provisional agreement to settle the investigation by the SEC’s Division of Enforcement that commenced in February 2002.

The provisional settlement, which is subject to final approval by the Commissioners of the SEC, will conclude all aspects of the investigation with respect to Elan.

“This is an important step forward for Elan, its shareholders and patients. Taking this step will enable us to focus all of our energies on bringing innovative science to patients,” said Kelly Martin, Elan’s president and chief executive officer.