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The founder of Canadian pharmaceutical company Biovail has filed a $1 million slander suit against a former Banc of America Securities analyst, claiming he was defamed when the analyst called him a "criminal."
Eugene Melnyk claimed he "suffered serious injury to his personal and professional reputation" as a result of comments made by the former analyst, Jerry Treppel.
According to the suit, Treppel let loose a series of stinging one-liners while attending a May 8 meeting between Melnyk and the Ontario Securities Commission, during which talks were held about a settlement between Melnyk and the OSC over the Biovail founder's stock trading activities.
The lawsuit is the latest chapter in an ongoing battle between Treppel and Melnyk, who in May stepped down as Biovail's CEO amid a Securities and Exchange Commission probe into his stock trades.
The two have been embroiled in a bitter federal court fight in the Southern District of New York, and Treppel has accused Melnyk of waging a bitter - and ultimately successful - campaign to get him fired in 2002.
In the event cited in the lawsuit, Treppel is accused of calling Melnyk "a criminal" in front of both Biovail executives and members of the media.
Treppel is also quoted of saying, "What do you have to do to get indicted in Canada?"
Though he reached a $1 million settlement with the OSC and was suspended for a year from Biovail, Melnyk faces both the SEC probe and an investigation by federal prosecutors.
Both Treppel and Melnyk's spokesman declined comment.
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