Elan directors to resign and suspend High Court action

Elan directors Vaughn Bryson and Jack Schuler have agreed to suspend their Irish High Court proceedings against the drugs company and resign from the board.

The company said that its board has accepted a report prepared by US lawyers McKenna Long & Aldridge which found "no legal breaches or other wrong-doing of any nature" by Elan management, any member of its board or its advisors.