Judge Blasts Milberg, Skadden In Settlement Denial

Law360, New York (December 5, 2007, 12:00 AM EST) -- A federal judge has refused to approve a $30 million settlement in the securities litigation against Novartis AG subsidiary Chiron Corp., criticizing lead plaintiffs’ counsel Milberg Weiss & Bershad LLP and Chiron's counsel, Skadden, Arps, Slate, Meagher & Flom LLP, in the process.

On Friday, Judge Vaughn R. Walker of the U.S. District Court for the Northern District of California denied the plaintiffs’ motion for settlement, finding that the proposed settlement failed on four fronts. The judge was particularly concerned with the $7.5 million in fees...
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