A federal judge in Newark, N.J., has approved a $165 million settlement of a securities fraud suit against Schering-Plough Corp. that includes more than $37 million for the plaintiffs lawyers.

U.S. District Judge Katharine Sweeney Hayden, in signing off on the deal Dec. 31, noted it was one of the five largest securities class action recoveries in the District of New Jersey. The largest was an agreement by Cendant Corp., approved in 2000, to pay $2.85 billion.

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