"Libel schmibel. The dead can't sue." What does Libel schmibel mean? Another word to say it? Thanks
Shm-reduplication is a form of reduplication in which the original word or its first syllable (the base) is repeated with the copy (the reduplicant) beginning with shm- (sometimes schm-), pronounced /ʃm/. The construction is generally used to indicate irony, sarcasm, derision, skepticism, or lack of interest with respect to comments about the discussed object:
He's just a baby! "Baby-shmaby". He's already 5 years old!
The speaker is being skeptical. They do not think their kid is a baby or babyish.
What a sale! "Sale, schmale". I'm waiting for a larger discount.
The speaker is showing lack of interest. They do not care about the sale.
Your example is analogous to the examples above.