Second Attempt Clears Jurisdictional Bar
Furman previously signaled that a renewed lawsuit filed by a properly appointed trustee might return the case to its earlier posture—and UMB did just that, rolling out a new complaint in November 2024.
This time, the court rejected Bristol-Myers’ argument that the CVR agreement’s successor-trustee provisions had expired with the contract’s automatic termination on Jan. 1, 2021. Furman found that while the survival clause does not explicitly include that section, it survives implicitly because it is essential to enforcing related provisions.
Key Claims Move Forward
Though the court trimmed the lawsuit, the core allegations remain intact.
Judge Furman preserved count one, seeking a declaratory judgment establishing UMB as the rightful trustee, and count two, a breach of contract claim that the judge already allowed to proceed in the earlier round of litigation.
Implied Covenant Claim Survives
The court also let stand count four, which accuses Bristol-Myers of breaching the implied covenant of good faith and fair dealing—a claim that speaks to the heart of UMB’s allegation that the company intentionally slow-walked FDA approvals, including for a cancer therapy.
