Not News Department: March 1, 2009 Edition

Back in March of 2009, a 2001 vintage Schering-Plough federal securities fraud (while still being led by Kogan) class action (Case No. 01-829), was settled -- the securities class action that resulted from the delayed launch of Clarinex, a successor to Claritin -- by the old Schering-Plough. The class action was was settled by agreement, on March 1, 2009 -- for $165 million.

On December 31, 2009, the very able federal judge (Katharine Hayden) who was overseeing the settlement entered the final settlement orders, and they provided for just under $38 million in legal fees for the plaintiffs' lawyers -- out of that total. It really is no surprise, and not news in any sense -- despite several wire stories of yesterday.