I can only speculate that PS got a "first time pass." As we all recall, the PS-Valeant maneuver was, by this judge's own writing, uncharted legal territory. The judge never made a determination that it was, indeed, insider trading; just that it is enough of a possibility to be put in front of a jury (which, given the sympathy equation, in the opinion of this thread, would have likely gone against PS-Valeant; but that's just handicapping, not a legal determination). So, the judge is perhaps ok with letting this settlement get by (after all, it would really be extraordinary to overrule a settlement); with the expectation that no one will try this play again (for, if they do, the legal territory will no longer be uncharted, and the transgressor may well have the book thrown at them).
While it presumably isn't a factor, there is also the undeniable fact that Ackman and Valeant suffered a very solid dose of "cosmic justice" subsequent -- maybe even consequent -- to their failed Allergan effort; losing the ill-gotten gains many times over.
Dan.
