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ImClone Systems Incorporated (NASDAQ: IMCL - News) announced today that it has reached agreements in principle to
settle the previously disclosed consolidated securities class action and consolidated shareholder derivative action, both of which are
pending in the U.S. District Court for the Southern District of New York. Under the agreement in principle to settle the Irvine class
action, all claims asserted against the Company and the other named defendants in that action will be dismissed with prejudice with
no admission or finding of wrongdoing on the part of any defendant. The principal terms of the Irvine settlement provide for an
aggregate cash payment to class members of $75 million, a portion of which will be paid by the Company's insurance carriers.
 
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