A federal judge approved a settlement Monday in a shareholders' derivative suit against Schering-Plough Corp. with no award of damages but a $9.5 million fee to plaintiffs counsel and a company pledge to reform its governance.
Though attorney fees are usually awarded from financial recoveries, U.S. District Judge Katharine Sweeney Hayden found them justified in suit because it led the Kenilworth drug maker to make sweeping changes.
She said the fees were also justified by the complexity and risk of the litigation, which involved "the wholesale restructuring of a major corporation's governance and compliance functions."
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