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Firm settles shareholder suit

Tuesday, Aug. 3, 2004 | 9:06 a.m.

ROCHESTER, N.Y. -- Bausch & Lomb Inc. agreed to pay $12.5 million to settle a class-action shareholder lawsuit alleging that its stock was artificially inflated by false and misleading statements about expected financial results in 2000.

The lawsuit, filed in December 2001, claimed that the eye-care products maker overstated profits by $18 million during three quarters in 1999 and 2000.

The proposed settlement, which needs to be approved by the U.S. District Court in Rochester, will be paid by the company's insurance carrier, Bausch & Lomb said today.

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