Schering-Plough Strikes $12.5M Deal In ERISA Suit

Law360, New York (February 21, 2012, 3:46 PM EST) -- Schering-Plough Corp. and a class of current and former employees have reached a $12.5 million settlement in a case accusing the pharmaceutical giant of mishandling its retirement plan by improperly steering employees into buying company stock, a federal judge said Thursday.

U.S. District Judge Dennis Cavanaugh granted preliminary approval to the settlement agreement subject to a fairness hearing in May, according to the suit in New Jersey federal court.

Additionally, Judge Cavanaugh granted the employees preliminary class certification for the purposes of the settlement.

“The court...
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