Schering-Plough Officers Settle Shareholder Suit

Law360, New York (November 6, 2007, 12:00 AM EST) -- A court on Monday granted preliminary approval to a $9.5 million settlement between pharmaceutical company Schering-Plough Corp. and its shareholders in a derivative lawsuit brought against Schering's board of directors for allegedly allowing the company's factories to deteriorate.

District Judge Katharine S. Hayden, of the U.S. District Court for the District of New Jersey, ordered a hearing to consider any objections to the settlement for Dec. 4.

The parties originally stipulated the settlement in early October.

Under the agreement, Schering would pay $9.5 million toward plaintiffs'...
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