Another Valeant pain for Ackman

Just when he thought he was out, hedgie Bill Ackman is being pulled back into his disastrous Valeant Pharmaceuticals relationship by a California judge.

The judge on Tuesday said that he has “substantial questions” about the $290 million settlement Ackman’s Pershing Square and Valeant proposed last week to settle allegations that their 2014 trades in Allergan were illegal.

Although the court acknowledged the “diligent efforts [by Pershing Square and Valeant] to work toward a settlement over the holiday,” it questioned whether the amount was “reasonable and fair,” court documents show.

Allergan shareholders sued Pershing Square and Valeant in 2014, alleging that they sold shares on an “uninformed basis at an unfair price,” while Pershing Square and Valeant secretly prepared a hostile bid for the Botox-maker.

Ackman gained $2.5 billion from his Allergan shares.

A hearing to discuss the proposed settlement is scheduled for Jan. 16.

Valeant downplayed the judge’s action, calling it a “mandated step.”

“We believe the settlement is fair, reasonable and adequate, and we look forward to explaining our position to the court,” a Valeant spokesperson told The Post.

Pershing Square reps declined to comment.