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Eugene Melnyk did not break law

Updated: October 1, 2010, 3:27 PM ET
Associated Press

TORONTO -- Ottawa Senators owner Eugene Melnyk has been cleared of allegations that he broke Ontario securities law while CEO of drugmaker Biovail Corp.

An Ontario Securities Commission tribunal ruled that OSC staff hadn't proven Melnyk broke the law, but his conduct was "contrary to the public interest." It's a non-criminal infraction under the province's securities laws.

The case against Melnyk revolved around statements that Biovail and its executives made -- and didn't make -- ...

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