A class action suit over the merger of drug giants Merck and Schering-Plough has ended in a settlement that pays nothing to the class but $3.5 million in fees to class counsel. A federal judge approved it nevertheless, finding counsel provided a substantial benefit to the class because the suit, alleging "material deficiencies" in the proxy statement sent to shareholders before the merger vote, triggered the disclosure of additional information.
March 31, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A class action suit over the merger of drug giants Merck and Schering-Plough has ended in a settlement that pays nothing to the class but $3.5 million in fees to class counsel.
But a federal judge approved it nevertheless, finding counsel provided a substantial benefit to the class because the suit, alleging “material deficiencies” in the proxy statement sent to shareholders before the merger vote, triggered the disclosure of additional information.
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