A settlement has been reached in the action against Valeant Pharmaceuticals International Inc., now known as Bausch Health Companies Inc. ("Valeant"). The Action alleges that Valeant, certain of its directors and officers, and its auditor PricewaterhouseCoopers LLP (“PwC”) failed to disclose Valeant’s relationship with Philidor Rx Services LLC and other specialty pharmacies in the conduct of its business in the United States.
The Superior Court of Québec appointed the class action plaintiffs, Celso Catucci and Nicole Aubin, as representative plaintiffs for the Primary Market Sub-Class and Secondary Market Sub-Class.
On November 16, 2020 the Settlement Agreement was approved by the Superior Court of Québec.
The Settlement provides for the payment by the Defendants of the total amount of $94 Million CAD to resolve those claims. The Settlement is a compromise of disputed claims, without any admission of liability by Valeant or any other defendant.
Pursuant to the Settlement Agreement, the Settlement Class Members are:
Secondary Market Sub-Class: All persons and entities, wherever they may reside or may be domiciled who, during the period February 27, 2012 to November 12, 2015, acquired Valeant’s Securities in the secondary market and held some or all such Securities at any point in time between October 19, 2015 and November 12, 2015, excluding any claims in respect of Valeant’s Securities acquired in the United States.
Click here for the list of Excluded Persons.
The Claims Bar Deadline in this matter was February 16, 2021.
| Submit a Claim | The only way to receive compensation or a distribution from the Settlement is to submit a Claim. The deadline to submit a claim for compensation was February 16, 2021. |
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| Exclude Yourself (Opt Out) | The deadline to exclude yourself from the Settlement was June 19, 2018. Click here for more information. |
| Object to the Settlement | The deadline to comment on or object to the Settlement was November 9, 2020. Click here for more information. |
| Do Nothing | If you do nothing, you automatically remain a Class Member (if you qualify) and you are bound by the Settlement Agreement. You will no longer have the right to bring forth other legal proceedings in relation to the matters alleged in the Action against the Defendants, or any person released by the approved Settlement at your own cost and you will get no compensation. |
Update as of November 28, 2025:
The initial distribution of the Class Settlement Funds has been completed. However, as there were uncashed Class Settlement Funds from the initial distribution, a second distribution payment was issued to approved Claimants who cashed their initial distribution payment and whose pro rata entitlement for a second distribution payment, as per Court-Approved Plan of Allocation, was $50.00 CAD or more, without exception.
All payments to eligible shareholders were sent.
For payments sent via cheque, all cheques must be cashed no later than May 26, 2026, or else they will become stale-dated. Stale-dated cheques will NOT be replaced.