BioCentury
ARTICLE | Company News

Immunomedics, Bank of America Corp., Financial Industry Regulatory Authority (FINRA) cancer, autoimmune, diagnostic news

April 8, 2013 7:00 AM UTC

Immunomedics will receive $18 million in a settlement with Bank of America from an arbitration proceeding before FINRA. Immunomedics also agreed to dismiss the proceeding with prejudice, and it and the bank agreed to release each other from all claims and liabilities arising out of the arbitration. In April 2009, Immunomedics began the proceeding against the biotech's former investment advisor/broker claiming the bank violated the New Jersey Uniform Securities Law, the North Carolina Securities Act and FINRA rules, including making false representations and failing to supervise its employees. Immunomedics develops mAbs to treat cancer and autoimmune disorders. ...