District Court Approves $8.5M Settlement Ending Schering-Plough ‘Stock-Drop’ Case

After more than seven years of litigation, the U.S. District Court for the District of New Jersey gave its final approval Dec. 16 to an $8.5 million settlement ending an employer “stock-drop” lawsuit against Schering-Plough Corp. (In re Schering-Plough Corp. ERISA Litig.).

The settlement, approved by Judge Katharine S. Hayden, will be paid out to nearly 20,000 Schering-Plough workers who participated in the Schering-Plough Employees’ Savings Plan at any time between July 29, 1998, to April 18, 2007, and whose accounts included investment in the Schering-Plough Company Stock Fund at any point during that time period.

The lawsuit ...