Elan settles court action with former CEO

Elan has announced it has agreed a settlement with former CEO Donal Geaney, of an action he had taken in the High Court.

The action related to the agreement for the exercise of share options granted to Mr Geaney during his period as an employee of the company.

The settlement, with no admission of liability on the part of the company, was for a sum of €3.5m plus an agreed sum of costs.

Elan shares trade on the New York, London and Dublin Stock Exchanges.