Shareholders Cry Conflict of Counsel in Class Action Over Merck Merger

Law firm Carella, Byrne, Cecchi, Olstein, Brody & Agnello faces conflict allegations over its projected $3.5 million fee for representing shareholders who obtained no monetary or equitable relief in a class action settlement over the merger of drug giants Merck and Schering-Plough. The lawyer for the class member opposing the settlement argues that certifying the class serves no purpose except to make Carella Byrne eligible for attorney fees. He also seeks sanctions against the firm for allegedly botching the suit.