Valeant Hits Roadblock in Bid to Toss USAA’s Securities Claims

Valeant Pharmaceuticals International Inc. failed to persuade a federal court to recommend dismissal of some of the claims brought by a shareholder that opted out of its $1.21 billion class action settlement last year.

The settlement resolved claims that Valeant, now Bausch Health Companies Inc., misled investors about the company’s financial performance and allegedly deceptive business practices, including price gouging and a kickback scheme that a former executive plead guilty to in 2018.

Opt-out plaintiff USAA Mutual Funds Trust provided timely notice of its intention to pursue its claims separately, but the notice failed to identify certain funds on ...