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Pension funds seek Perrigo class action

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Perrigo appealed against the decision by Revenue last February

Perrigo appealed against the decision by Revenue last February

Perrigo appealed against the decision by Revenue last February

Two Florida public service pension funds have asked a US court to certify as a class action their claims that drugs company Perrigo harmed investors by allegedly failing to disclose its liability on a €1.6bn tax assessment from Revenue.

Plaintiffs for the funds - the Boca Raton General Employees' Pension Plan and the Palm Bay Police and Firefighters' Pension Fund - said the dispute meets the requirements to certify it as a class action. This would combine several potential lawsuits with similar claims and damages into a single proceeding led by one firm.

The conflict stems from Revenue's audit of Elan's sale of a 50pc stake in Tysabri to Biogen. The deal happened eight months before Perrigo's acquisition of Elan in 2013.