Perrigo Investor Fund Loses Revival Bid Over Class Exemption

A Perrigo Co. PLC investor fund lost its bid Tuesday to bring its own lawsuit after an attorney mistake and corporate silence led it to believe it was exempt from a class settlement over statements against a Mylan NV takeover attempt.

Civil procedure faults “litigants who fail to follow their directives,” said a US Court of Appeals for the Third Circuit panel. “So when parties deviate from them, even by mistake, they usually have to live with the consequences.”

The master fund litigated its separate case for more than three years after a class was certified without Perrigo’s objection, Sculptor ...