First -- to be clear -- what this appeal does NOT mean: this fee appeal will not affect the settlement of the underlying federal class action lawsuit, which challenged the adequacy of the companies' disclosures contained in the Merck-Schering-Plough tranaction announcements, back in the Spring of 2009. [A PDF file of the original complaint, here -- that complaint alleged the TRA candidate was being undervalued by both companies' boards of dierctors.] That settlement will remain intact -- this is just about how lare the lawyers' bills will be allowed to be -- and still get paid.
Similarly, the appeal will not result in the recovery of any money -- or any additional money -- by the plaintiffs, as no money damages were agreed to in this settled action. The sole remedy was enhanced disclosure. It may, however, reduce the amount Merck is required to pay to the plaintiffs' lawfirm. We shall see.
Finally, to make sure eveyone understands, there are numerous other federal pieces of putative class action litigation still pending -- about the events that led to the transaction.
. . . .TAKE NOTICE, pursuant to F.R.A.P. 3:
A. The Party taking this appeal is:
Allan Marain, class member who objected to the terms of the class action settlement and over whose objection the District Court entered its Order and Final Judgment of approval.
B. The Order(s) and Final Judgment appealed from are:
1. Order of March 25th, 2010, granting an award of attorneys fees to (Plaintiffs’) Class Counsel;
2. Order and Final Judgment of April 16th, 2010, at ¶6 and 13, insofar as it awards and orders payment of counsel fees and costs to Class Counsel in the amount of $3,500,000, (inclusive of $131,777.16 in costs).
C. The Court to which appeal is taken is:
United States Court Of Appeals For The Third Circuit. . . .
I'll keep an eye on this. Here is what Mr. Hassan kept an eye on, primarily, during that dark time last summer:
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