Court Approves $12.25 Million Settlement Of Stock-Drop Case Against Schering-Plough

The U.S. District Court for the District of New Jersey May 31 granted final approval to a $12.25 million settlement of a stock-drop case against drug manufacturer Schering-Plough Corp. (In re Schering-Plough Corp. Enhance ERISA Litig., D.N.J., 2:08-cv-01432-DMC-JAD, 5/31/12).

The settlement will be paid out to Schering-Plough employees who held company stock in their 401(k) plan accounts from April 19, 2007, through April 2, 2008. According to the court’s unpublished decision approving the settlement, approximately 13,000 class members will receive payment.

The proposed class action against Schering-Plough was filed in 2008 by employees who claimed they lost ...