2nd Circ. OKs $5M Deal In Telik Cancer Drug Suit

Law360, New York (June 22, 2010, 4:03 PM EDT) -- A federal appeals court has brushed aside a challenge from a disgruntled shareholder who claims biopharmaceutical company Telik Inc. got off too easily with a $5 million class action settlement after allegedly hyping its failed cancer treatment.

The U.S. Court of Appeals for the Second Circuit issued a summary order Monday backing the district court’s September 2008 approval of the settlement and making quick work of shareholder Andrew R. May’s appeal.

Pointing out that significant deference is due the judge who oversaw the class action litigation...
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