A U.S. court on Tuesday solicit fromed Valeant Pharmaceuticals and activist investor Bill Ackman’s Pershing Traditionalist to appear for a hearing to discuss the proposed settlement in an insider trading lawsuit.
The understanding, set for Jan. 16, comes after Pershing Square and Valeant last week stony to pay $290 million to settle the lawsuit that accused them of insider switch before bidding for Allergan in 2014.
The lawsuit was filed on behalf of investors who handled Allergan shares in the two months before Pershing Square Capital Administration and Valeant made an unsolicited $51 billion bid for Allergan.
The court has “prosperous questions regarding whether the settlement amount is reasonable and fair,” according to details filed in the U.S. District Court, Central District of California.
“Today’s commission is a mandated step in the settlement process,” a Valeant spokeswoman said in an email to Reuters. “We take it the settlement is fair, reasonable and adequate, and we look forward to explaining our point of view to the Court.”
Pershing Square could not be reached for comment outside regular point hours.